Post-Tap Clarity – The CBK had a successful Tap Sale as they managed to lock in KES 44.429Bn in bids, way above the KES 20Bn target set. Interest was skewed towards the shorter bond on offer and attached are the results in full for your perusal. The success of this Tap Sale goes to show that the current rates are deemed attractive to investors as the interest garnered was during a week that a tightening in liquidity levels was evident. This was highlighted during the week as the overnight lending rate rose by more than 100bps. For your trading activities for the day and week ahead, attached is the CBK weekly report to assist in your reading of the market while updated benchmark Yield Curve levels are ready for your perusal on the attached pricelist. I have also attached the NSE Implied Yields for the NSE’s valuations of all the treasuries. To bring it all together, below is a snapshot of what is at play within the secondary market for your consideration. Happy hunting!
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 NSE Implied Yields, CBK Weekly Report from last week and the July 2023 TAP Sale results.