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View this email in your browser First of the Month How did rates behave this week? Inflation data for February 2029 showed that the year-on-year inflation rate came in at 6.3%, a drop of 60bps from the previous month. The T-bills all had marginal increases in their yields but the CBK stepped in to ensure the 17% mark was not breached nor reached. In the secondary space, the recently auctioned IFB1/2024/8.5Yr continued its move down as it traded below the 18% mark with significant demand for the paper still in play. Taking all this into consideration, the notion that rates have peaked becomes more realistic.To help you navigate the rest of the curve, 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:   Indicative Two-Way Quotes - Benchmark Tenors Benchmark Tenor Bid (%) Offer (%) Mov (t-t0)% 1Yr 17.20 16.80 0.00 2Yr 18.40 18.00 0.00 5yr 18.60 18.20 0.00 10yr 17.00 16.50 0.00 15yr 16.50 16.00 0.00 20yr 16.50 16.00 0.00 25yr 16.30 16.00 0.00 Below are details of the two-way quotes for the infrastructure bonds and the key rates:   Indicative Two-Way Quotes - IFB Series IFB series Maturity Bid (%) Offer (%) Mov (t-t0)% IFB1/2017/7 (IFB13) Nov-24 15.75 15.50 0.00 IFB1/2016/9 (IFB10) May-25 15.85 15.75 0.00 IFB1/2015/12 (IFB8) Mar-27 14.50 14.00 0.00 IFB1/2017/12 (IFB12) Feb-29 16.00 15.00 0.00 IFB1/2016/15 (IFB11) Oct-31 16.00 15.50 0.00 IFB1/2018/15 (IFB14) Jan-33 15.50 15.00 0.00 IFB1/2018/20 (IFB15) Oct-38 16.50 16.00 0.00 IFB1/2019/25 (IFB16) Feb-44 16.50 16.00 0.00 IFB1/2019/16 (IFB17) Oct-35 15.50 15.20 0.00 IFB1/2020/9 (IFB18) Apr-29 14.75 14.50 0.00 IFB1/2020/6 (IFB19) May-26 13.50 12.75 0.00 IFB1/2020/11 (IFB20) Aug-31 17.50 16.75 0.00 IFB1/2021/16 (IFB21) Jan-37 17.00 16.00 0.00 IFB1/2021/18 (IFB22) Mar-39 17.00 16.00 0.00 IFB1/2021/21 (IFB23) Aug-42 17.00 16.00 0.00 IFB1/2022/19 (IFB24) Jan-41 17.00 16.50 0.00 IFB1/2022/18 (IFB25) May-40 17.00 16.50 0.00 IFB1/2022/14 (IFB26) Oct-36 17.00 16.50 0.00 IFB1/2022/6 (IFB27) Nov-28 17.00 16.00 0.00 IFB1/2023/17 (IFB28) Feb-40 16.50 16.00 0.00 IFB1/2023/7 (IFB29) Jun-30 16.50 16.00 0.00 IFB1/2023/6.5 (IFB30) May-30 17.40 16.90 0.00 IFB1/2024/8.5 (IFB31) Aug-32 17.70 17.60 -0.18   Key  Interest Rates   Mov (bps) O/N Interbank 14.0594% -4.28 91 Day T-bill 16.6218% 3.23 182 Day T-bill 16.7849% 5.05 364 Day T-bill 16.9722% 5.28 Central Bank Rate (CBR) 13.00% 50.00 Inflation 6.30% -60.00 Attached are the bond positions available today, T-bill auction results for this week, inflation data for February 2024 and the March bond auction prospectus. Bond Positions T-bill Auction Results Inflation Data for February 2024 March Bond Auction Trade Now View Previous Market Updates Share Tweet Share Copyright © 2022 Bespoke Securities Limited, All Rights Reserved.

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