Fixed Income: During the week, T-bills remained oversubscribed, albeit lower than the previous week, with the overall subscription rate coming in at 107.9%, from 119.5% recorded the previous week. The 364-day paper recorded the highest subscription rate, receiving bids worth Kshs 19.1 bn against the offered Kshs 10.0 bn, translating to a subscription rate of 190.5%, an increase from the 144.3%, recorded the previous week. The increase in subscription rate is attributable to investors’ preference for the longer-dated paper which offers higher yields of 9.5% compared to the 7.3% and 8.1% yields offered by the 91-day and 182-day papers, respectively.