Seven years T-Bond oversubscribed by 130 pc

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By Mnaku Mbani
The 13.5 per cent seven year Treasury Bond floated by the Bank of Tanzania on Tuesday was oversubscribed by about 130 per cent, which indicate an increase appetite for government securities.The auction result published by the Bank of Tanzania shows that a total of Tsh166 billion were tendered against an offer of Tsh70.5 billion, which indicated an over subscription of Tsh96.3 billion.

According to the Ban of Tanzania report, out of the tendered amount, only Tsh70.5 billion bids were accepted. This indicates that more than Tsh70.5 billion bids were successful, and the remaining amount will be refunded to the investors.
The result shows that the highest bid was 75.6675/100 while the lowest bid was 65.0500/100. However, the weighted average price for successful bids was set at 73.3316/100.
This is happening while the equities market is suffering from low liquidity as number of shares traded are continuing to shrink. This includes the ongoing sale of Vodacom Initial Public Offer (IPO) which is facing low subscription.

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