Fixed Income: During the week, T-bills remained undersubscribed, with the overall subscription rate coming in at 96.6%, up from the 32.6% recorded the previous week. The 91-day paper recorded the highest subscription rate, receiving bids worth Kshs 5.7 bn against the offered Kshs 4.0 bn, translating to a subscription rate of 141.3%, an increase from the 14.3% recorded the previous week, partly attributable to the eased liquidity in the money market with the interbank rates decreasing to 4.5%, from 5.5% recorded the previous week. The subscription rates for the 364-day and 182-day papers increased as well to 112.0% and 63.3%, respectively, from 49.4% and 23.2% recorded the previous week. The yields on the government papers recorded mixed performance with the 91-day and 364-day papers increasing by 7.4 bps and 7.7 bps to 7.3% and 9.4%, respectively, while the yield on the 182-day paper declined by 5.4 bps to 8.0%. In the Primary Bond Market, the government released the auction results for the recently issued five-year treasury bond, FXD1/2020/005, which recorded an undersubscription of 94.6%;