Kenya Bond Market Update: 31-Mar-2023

Published on
April 21, 2023

End Month Friday – The T-bill auction had an underwhelming performance as the CBK only managed to lock in KES 8.033Bn, well below their weekly KES 24Bn target. Attached are the results for your perusal. For next week’s T-bill auction, please note that submission of bids will close on Wednesday (05-April-2023) and the payment deadline will be on Tuesday (11-April-2023). These changes are in place because of the Easter weekend.

The FXD2/2018/10Yr (5.8 years) auction will be held next week. The sale period for this bond closes on Tuesday (04-April-2023). My expectations for this bond are as follows:

·         Average: 14.05% - 14.15%

·         Subscription: An under-subscription is expected

·         Attached is the bond prospectus for all the information required

For your trading activities ahead, below is a snapshot of what is at play within the secondary market for your consideration. Happy hunting and enjoy the weekend ahead!

Below are the two-way quotes for the benchmark tenors, two-way quotes for the infrastructure bonds and the key rates:

Kenya Bond Market

Attached are the bond positions available today, T-bill auction results and the April 2023 Bond Auction prospectus.

  1. Bond positions
  2. T-bill auction results
  3. April 2023 Bond Auction