Weekend Time – Another undersubscribed T-bill auction. The tightness in liquidity continues to affect the market’s ability to rollover a significant portion of the incoming T-bill maturities. This week, KES 11.298Bn in bids were submitted against KES 28.749Bn in maturities. The rates also moved up relatively aggressively as the 91D and 364D T-bills jumped by 33bps and 37bps respectively, with the 91D T-bill surpassing the rate offered by the longer 182D T-bill. It will be interesting to watch if this inversion persists or corrects in the coming weeks. Attached are these results in full for your perusal.
Below is a snapshot of what is at play within the secondary market for your consideration. Happy hunting and enjoy the weekend ahead!
Attached are the bond positions available today, the T-bill auction results for this week and the bond auction prospectus for August 2023.