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Kenya T-bill yields set to rise

By Jevans Miyungu | October 11th 2015

NAIROBI: Yields on Kenya’s Treasury bills are expected to keep rising but at a slower pace than in recent weeks due to rising interest rates, which are attracting foreign investors to Kenyan assets and to improved subscription levels.

The central bank will auction 91-day, 182-day and 364-day Treasury bills worth a total Sh12 billion in two sales next week. “The increase in the rates will be marginal - not as aggressive as we’ve seen in the last two weeks,” said Mathangani Kariuki, a fixed income trader at Kestrel Capital. “They’re getting much more in terms of subscriptions, so they’re able to lock in a better volume without having to pay out.” At this week’s sale, the weighted average yield on the 364-day Treasury bills jumped to 21.498 percent, from 20.695 percent last week, while that on the 182-day Treasury bill rose to 21.607 percent from 20.331 percent. The yield on the 91-day Treasury bill rose to 21.353 percent from 20.637 percent last week.

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