Nairobi, Aug. 25 -- Investors have agreed to transfer Sh22.5 billion from maturing government securities into a longer-dated bond that falls due in 2029, giving the National Treasury relief from pressure to make the repayments.

The swap transaction, which is also known as a switch bond sale, was targeting Sh15 billion maturities from three Treasury bills that mature on September 7, 2026, and a 15-year bond that is due for repayment in September 2027.

Holders of these securities were offered the chance to transfer part of their principal into a 10-year paper that matures in November 2029, effectively stretching out their lending for another three years.

The August switch bond primarily targeted Treasury bills, which are due in a period ...