The results of the Re-opened Infrastructure Bonds. What is in the data? From a quick snap look at the data, we can infer the following: 1. Though not the largest subscription in a bond issuance, the 193BN subscriptions are among the largest. 2. The 63BN rejected could be a record quantum of rejected bids if you ignore the FXD they cancelled in April 2023. 3. But the glaring number is the KES 29BN in average weighted bids. This is a record by a big measure. And it signifies one thing, huge retail participation. The appetite for government debt was the highest (we wish CBK publishes the data on the number of participants, and this could tell a better story). 4. And of course, the rates came down. The policy signalling by CBK in the last ome year has been great, and markets have been taking cue.