The Rwf15 billion three-year government Treasury bond issued on Wednesday recorded a slight improvement in investor participation rate, indicating the growing appetite among investors for government paper.

According to a statement from the central bank, the bond subscription rate was 139.05 per cent, a marginal rise from 139 per cent recorded in the August issuance. However, institutional investors have continued their dominance this year, registering a 72.8 per cent participation rate, an increase from 71.3 per cent in the August issue, and 50.3 per cent in May.

Banks were allocated 24.3 per cent of the total orders, while retail investors accounted for 42 orders of the 61 applications received by the National Bank of Rwanda (BNR), indicating a 2.9 per cent uptake level.

According to the BNR statement issued today, 34 of the orders in the retail category were from individuals, while eight bids were made by Umerenge SACCOs. The bond has a 12 per cent yield rate, and will be listed on the Rwanda Stock Exchange (RSE) on November 28.

The bond is part of the government quarterly TB issuance programme launched in 2014.

editorial@newtimes.co.rw