Seems like there are not enough investments to satisfy local debt & equity investors in Nairobi.

NSE IPO:  The Nairobi Securities Exchange (NSE) IPO with 66 million new shares offered to the public, was oversubscribed by 687% in the retail pool, and the NSE now has 17,883 shareholders, up from 24 before the IPO. Local retail investors were allocated 41% of the shares, local institutional  34% and foreign investors received 23%. 

Britam bond:  BritAM whose 13% Kshs 6 billion bond started trading last month had a 144 per cent over-subscription netting Kshs. 7.323 billion. This was after invoking a green shoe option on the Kshs 3 billion targeted and exercised (the green shoe was for another Kshs 3 billion)  which allowed Britam to retain Kshs. 6 billion.

NIC bond: Offered at 12.5%, the bond received offers of Kshs 6.5 billion, representing a 30% oversubscription over the upsized amount of Kshs 5 billion. Institutional investors made up 90% of the applicants, and retail were 10%.