THE two-year treasury bonds auctioned on Wednesday was greeted with investors' appetite despite the falling yield rate signifying strong liquidity level in the circulation.
Yield rate above the inflation rate that according to the
The market was offered with 30.9bn/- but high investors appetite pushed the figure to 107.6bn/- and the government taking 30.9bn/- as successful amount.
Analysts say the local money market is highly liquid, the situation that made the 2-year treasury bond to be oversubscribed by 76.7bn/-. A total of 67 bids were received but only 7 emerged successful, indicating that some bidders' price was below the market price.
The minimum successful price was 89.67 while the Weighted Average Price for Successful Bids was 89.97 compared to the lowest bid pegged at 86.77 and 90.46 respectively.
Pension Funds, insurance and few micro-finance institutions which are among the key players in the long-term instruments expected to make a significant showcase in a bond with considerable market turnout.
Also, most of the commercial banks make part of the giant investors and dealers in the short-term maturities with over 60 per cent market share.
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