Nairobi, Jan. 20 -- Investors who held a 10-year bond maturing in August 2026 agreed to roll over Sh26.49 billion of their paper into a 15-year bond in the current fiscal year's first switch bond issuance.

The Central Bank of Kenya (CBK) said that it accepted rollovers of Sh25.17 billion against its target of Sh20 billion. The 15-year paper, which is known as a destination bond, was issued in April 2022, giving it a period to maturity of 11.3 years.

Following the auction, the 10-year bond that has a coupon of fixed interest rate of 15.04 percent will see its outstanding amount fall from Sh103.4 billion to Sh78.2 billion, while the outstanding amount on the 15-year bond whose coupon is 13.94 percent rises to Sh154.37 billion from Sh129.2...