Rwanda: Banks Dominate Govt's Rwf15 Billion Five-Year Bond Issue

23 February 2018

Banks were allocated the biggest share of the government's Rwf15 billion five-year Treasury bond issued yesterday, according to National Bank of Rwanda (BNR). The TB was oversubscribed at 263 per cent, one of the highest subscription rates ever.

A statement from the central bank indicates that 107 applications were received from different categories of investors, with banks being allocated the 46.7 per cent of the total issued amount. Institutional investors were allocated 41 per cent, while the remaining 12.3 per cent was allocated to retail and individual investors. However, this is an increase in allocations for retail investors compared to 10.1 per cent share they got in Rwf10 billion 7-year TB issued in November 2017. The November issuance received a subscription rate of 178.14 per cent or 66 applications.

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