During the week, T-bills were undersubscribed, with the overall subscription rate coming in at 83.5%, a decline from the 115.8% recorded the previous week, partly attributable to the tightened liquidity in the money markets, with the interbank rates increasing marginally to 4.5%, from 4.4% recorded the previous week. The 364-day paper recorded the highest subscription rate, receiving bids worth Kshs 10.8 bn against the offered Kshs 10.0 bn, translating to a subscription rate of 107.6%, a decline from the 161.7% recorded the previous week. The continued oversubscription witnessed for the 364-day paper is attributable to investors’ preference for the longer-dated paper which offers a higher yield of 9.7% compared to the 7.3% and 8.1% yields offered by the 91-day and 182-day papers, respectively.