The National Treasury managed to tap a mere Ksh.15.1 billion from the October Bonds against a Ksh.40 billion auction that closed on October 4.
It signalled a real snub by local investors in a re-opened 10 and 15 year Bonds issue
A 10-year paper with a 4.9-year maturity saw the highest investor subscriptions at Ksh.17.3 billion while a 15-year paper received Ksh.1.5 billion in subscription.
The performance is against the expectation of the liquidity in the money market following the end of General Election.
The exchequer still expects to raise Ksh.20 billion from the auction of a new 25-year paper whose auction closes on October 18, 2022.
It might be forced to accept bids above the set target of Ksh.20 billion as the government trails its domestic borrowing programme for the current fiscal year due to previously missed bond sales.