During the week, T-bills were undersubscribed, with the overall subscription rate coming in at 82.8%, down from the 102.1% recorded the previous week. The 364-day paper recorded the highest subscription rate, receiving bids worth Kshs 9.7 bn against the offered Kshs 10.0 bn, translating to a subscription rate of 96.6%, a decline from the 133.9% recorded the previous week. The performance is partly attributable to investors’ preference for the longer-dated paper, which offers a higher yield of 9.8% compared to the 8.1% and 7.3% yields offered by the 182-day and 91-day papers, respectively. The subscription rate for the 182-day paper increased to 82.4%, from 58.1% recorded the previous week while that of the 91-day paper declined to 49.5% from 132.4% recorded the previous week. The government continued rejecting expensive bids, accepting bids worth Kshs 18.8 bn out of the Kshs 19.9 bn worth of bids received, translating to an acceptance rate of 94.8%. In the Primary Bond Market, the Central Bank of Kenya released results for the recently re-opened bonds on tap sale; FXD1/2021/05 FXD1/2020/15 and FXD1/2021/25. The tap sale recorded a subscription rate of 79.0% with the government receiving bids worth Kshs 24.9 bn against the offered Kshs 31.5 bn;