Kenya 6-Month Yields Fall for 1st Time in Six Months

Kenya’s six-month borrowing costs retreated for the first time December at a central-bank sale where demand was almost four times the amount on offer. The yield is within four basis points of a nine-year high.

The yield on the 182-day Treasury bills fell to 9.906 percent at yesterday’s auction, the Nairobi-based Central Bank of Kenya said in an e-mailed statement. That’s the first time costs have dropped since a sale on Dec. 10, and compares with a yield of 9.949 percent at the previous sale, the highest since May 2002. The bank, which had offered 2.5 billion shillings ($28 million) of the debt, accepted 2.2 billion shillings of bids, having received 9.97 billion shillings of demand.