DAR ES SALAAM, July 1 -- INVESTORS piled into 25- year Treasury bond auction, sending demand more than six times above the amount offered and pushing yields lower as excess liquidity continues to chase government securities.

The Bank of Tanzania (BoT) received bids worth 1.462tri/- for the 243.050bn/- Treasury bond last Wednesday, representing a subscription rate of 601.59 per cent. The central bank accepted bids worth 202.445bn/-, leaving the remaining offers unallocated after maintaining a firm stance on pricing.

Zan Securities Advisory and Research Manager Isaac Lubeja said yesterday that the auction marked the second issuance of the 25- year Treasury bond with the BoT increasing the offer size from 187.240bn/- during the February au...