Rwanda cheers as a Frw 15billion three-year bond oversubscribed

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Rwanda has successfully issued a Frw 15billion three-year bond which was oversubscribed at with 139.05%

The success of the transaction reflects investors’ confidence in the country’s “sound macro-economic policy framework and prudent fiscal management.

The book was opened on Monday November 21, and closed on Wednesday November 23. The book-building method was used to determine the price of the bond. The bond was priced at par yielding 12 percent and will be listed on Rwanda stock exchange on Monday November 28.

From 16 applications received, retailers accounted for 42 orders representing 2.9% in which 34 are from individuals and 8 from U-SACCOs. Banks were allocated 24.3% of the total orders while institutional investor’s order book slightly to 72.8% compared to 71.3 % recorded in August 2016.

Public awareness campaign across the country aimed at educating the population the culture of saving and the benefits of investing in government treasury bonds has resulted in continued appetite from retailers and institutional investors for each issuances.

 

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