How Did The T-Bills Perform During The Month Of August?

As the month of September begins to take shape, T-Bills during the month of August were generally in and out of the red zone despite the “government’s efforts to open up the economy.”

The overall subscription rate for the month of August came in at 80.1 percent, a drastic drop from 243.1 percent recorded during the month of July.

91, 182, and 364-day papers registered huge declines in August compared to July from 574.7, 137.5, and 216.0 percent respectively to 137.8, 64.9, and 72.2 percent respectively.

At the same time, the 91, 182, and the 364-day papers had their yields remaining unchanged at 6.2, 6.6, and 7.5 percent respectively. This is despite the liquidity in the money markets remaining relatively high.

The acceptance rate for the T-Bills during the month rose to 90.4 percent from 66.9 percent during the month of July.

“During the month of August, the government of Kenya accepted 69.5 billion shillings of the 76.9 billion shillings worth of bids received,” said Cytonn in their monthly report.

“T-Bills also seem to have kicked off the month of September with a low subscription but things might change along the way,” they added.

Last week, T-Bills registered an overall subscription of 49.6 percent from 52.3 percent recorded the previous week. “The lower subscription was despite the high liquidity in the money markets during the week.”

As the week came to an end, the 91, and 182-day papers had their subscription decline to 68.5 and 31.8 percent respectively from 113.3 and 61.0 percent respectively.

The subscription rate for the 364-day paper increased to 60.0 percent from 19.3 percent.

The acceptance rate increased to 91.8 percent from 85.4 percent the previous week.

The yields on the 91-day and 182-day papers remained unchanged at 6.3 and 6.6 percent, while that of the 364-day paper rose marginally to 7.6 percent from the 7.5 percent recorded last week.

“We are likely to see an increase in T-Bill subscription during the month of September as the impact of opening up the economy begins to take shape,” says Joseph Kimemia.



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