Investors sought the most local-currency bonds in Rwanda since the central bank began selling the debt in 2008, with yields lower than Uganda as the East African nation revives issuance in francs.

The sale of 12.5 billion francs ($18 million) of three-year bonds had a coupon of 11.48 percent and a yield of 11.6 percent, the Kigali-based National Bank of Rwanda said in a statement on its website. Investors sought 40 percent more than offered, it said. Uganda’s three-year notes yielded 13.19 percent at an auction on Jan. 29, according to data compiled by Bloomberg.

“The success of the bond is attributed to the far-reaching awareness campaign,” the Bank of Rwanda said in the statement. “The marketing strategy consisted of split roadshows covering the four provinces while at the regional level a roadshow was organized in Nairobi.”

 

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