Nairobi, Nov. 11 -- The latest swap bond sale by the Central Bank of Kenya (CBK) has flopped after investors refused to shift to a 10-year paper that pays annual interest of 12.28 percent from a five-year bond which has a return of 16.84 percent.

In the issuance, CBK had offered holders of the five-year paper that is due to mature in July 2028 the chance to shift to the 10-year bond that falls due in November 2029. The swap offer was also made to holders of Treasury bills maturing on November 26, 2026.

Published by HT Digital Content Services with permission from Business Daily....