M-akiba 2 Managed to Attract 79 per cent Subscription
M-akiba gets listed as a secondary market at the NSE shortly after its reopening. M-akiba targeted raising Ksh250 million but was able to collect Ksh 197 million hence not being able to meet its target.
The Bond managed to attract 82,829 new investors between 25th February and 10th March, the period when it was on offer.
The bond which is set to mature on 7th September 2020 will be paying a 10 percent per annum for a period of next six months with its first payments being expected on 9th September 2019.
M-akiba was purposely launched to attract retail investors into the fixed income side of the capital markets. The fact that an investor will only need Sh3,000 of investment makes it different from the other bonds where one will be required to have Sh50,000 as a minimum investment.
The uniqueness has seen M-akiba bring 450,000 new investors into the market since its launch in March 2017, a clear indication that it can still attract more local participants.
“The 79 percent subscription rate is a clear indication of Kenyans’ investment appetite and an affirmation of the need for more innovative financial products in our market…” Said the Nairobi Securities Exchange CEO Mr. Geoffrey Odundo.
“…. Since the first issue in March 2017, CDSC has paid out, on behalf of the government, a total of KSh47.3 million in interest, to M-akiba investors….” Said the Chief Executive Officer of CDSC Ms. Mambo, adding KSh12.4 million was paid in 11th March.
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