Out of the Sh40 billion on offer, The Treasury attracted Sh51.38 billion in this month’s primary bond issues, recording a 128.46 per cent subscription rate.

The Central Bank of Kenya (CBK) accepted bids worth Sh31.55 billion in total: Sh23.06 billion for the five-year tenor and Sh8.49 billion for the 20-year tenor.

However, the 20-year tenor yield dropped from 14.789 per cent in last month’s auction to 13.423 per cent while the yield for the five-year tenor declined from 12.694 per cent to 12.394 per cent.

The Treasury had identified the two tenors for building up liquidity in the secondary market segment.