Kenya Bond Market Update: 07-Mar-2023

IFB Time – The sale-period of the IFB1/2023/17Yr closes today. Bids must be submitted at the CBK by 2.00 PM. My expectations for how it will perform remain as below:

• Average: 14.20% – 14.30% range, with the cut-off to come in 10 – 15bps away from the average
• Subscription: Over subscription, as it is expected the KES 50Bn target set will be met

Below is a snapshot of what is at play within the secondary market for your consideration. Happy hunting and bidding!

Below are the two-way quotes for the benchmark tenors:

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Below are details of the two-way quotes for the infrastructure bonds and the key rates:

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Attached are the bond positions available today and the IFB1/2023/17Yr Bond Prospectus.

1. Bond Positions
2. IFB1/2023/17Yr

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