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KIGALI, Nov 27 (Reuters) - Rwanda has sold a 7-year local-currency bond worth up to 15 billion francs ($21.90 million) at a yield of 12.5 percent in a heavily subscribed auction, the government said on Thursday.
Rwanda has been issuing bonds to help develop the capital market in one of Africa's fastest-growing economies. The government has said proceeds will go to infrastructure projects in a country that relies on aid for its national budget.
The sale brought bids worth 28 billion francs, at a subscription level of 187 percent. The bond has a coupon rate of 12.475 percent to be paid semi-annually.
The bond will be listed on the secondary market at the Rwanda Stock Exchange on Tuesday, the bank said.
The bank also said it would issue a 3-year bond on February 23, next year and a 10-year bond on May 25.
1 US dollar = 685.0000 Rwandan franc Reporting by Clement Uwiringiyimana; Editing by James Macharia