Investors demanded interest rates upwards of 19% on a five-year Treasury bond, leading the Central Bank of Kenya (CBK) to reject bids worth KES 12 bln. The CBK accepted only KES 25 billion (USD 158 mln) from a dual-tranche bond offer comprising a new 3-year bond and the third reopening of a 5-year bond. High-interest demands, averaging 19.07% for the 5-year bond and 18.63% for the 3-year option, were influenced by the recent two-percentage-point hike in the CBK’s policy rate to 12.5%.