Good-est Thursday – The FXD2/2018/10Yr and the T-bills had very different primary outcomes this week. In the T-bill auction, CBK managed to lock in KES 32.288Bn, with interest heavily skewed towards the 91D T-bill. On the contrary, the CBK only managed to lock in KES 3.36Bn from the FXD2/2018/10Yr even with the average rate accepted being a very attractive 14.366%. Market’s preference for the shorter dated options in the debt space points to a higher risk aversion in play within current environment. Attached are both the T-bill and the FXD2/2018/10Yr auction results for your perusal.
Before we break for the long Easter weekend, below is a snapshot of what is at play within the secondary market for your consideration. Happy hunting and enjoy the Easter weekend ahead!
Below are the two-way quotes for the benchmark tenors, two-way quotes for the infrastructure bonds and the key rates:
Attached are the bond positions available today, the T-bill & FXD2/2018/10Yr auction results and the April 2023 Bond Auction prospectus.