The Central Bank of Kenya, in its capacity as fiscal agent for the Republic of Kenya, offered for sale a new 10-year fixed coupon (fixed payment) bond intended for budgetary support purposes. This seems to be in line with the KES 106 billion the government seeks to borrow from the local market in the 2012/2013 fiscal year. The bond which went on sale on 13^th June remained available until the 19^th of June 2012. (See related story here).

However, the results of the sale as published on the CBK website do not appear as optimistic as earlier expected.

According to the CBK, the total number of bids received stood at 274 worth KES 4.07 billion. This represents a subscription of 81%. From these the CBK accepted 67 bids amounting to KES 445.7 million. The bank accepted a meagre 8.914% of the KES 5 billion targeted.

The results of the sale are summarised below:

The first coupon payment will be paid on the 24^th of December this year, with payments coming in every six months after that date. The last payment will include your initial investment and the final coupon and will be made on the 13^th of June, 2022.