First Friday
It’s the first of the month and here is to wishing you the very best this new month and final quarter of 2021.
The bond auction closes next week. My expectations for the papers being re-opened as follows:
- FXD1/2013/15Yr (6.4 years): 11.70% - 11.75% on the average and a cut-off of 10 - 15bps away from the average.
- FXD3/2019/15Yr (12.9 years): 12.80% - 12.85% on the average and a cut-off of 10 - 15bps away from the average.
- FXD1/2021/25Yr (24.7 years): 13.70% - 13.75% on the average and a cut-off of 15 - 20bps away from the average.
Linked are the results of this week’s T-bill auction, another underwhelming performance, and the inflation data for September 2021 which came in at 6.91%.
|
|
| Indicative Two-Way Quotes - Benchmark Tenors |
| Benchmark Tenor |
Bid (%) |
Offer (%) |
Mov (t-t0)% |
| 1Yr |
8.00 |
7.50 |
0.00 |
| 2Yr |
9.10 |
9.00 |
0.00 |
| 5yr |
11.20 |
11.00 |
0.00 |
| 10yr |
12.20 |
12.10 |
0.00 |
| 15yr |
12.90 |
12.65 |
0.00 |
| 20yr |
13.40 |
13.35 |
0.00 |
| 25yr |
13.55 |
13.45 |
0.00 |
|
|
| Indicative Two-Way Quotes - IFB Series |
| IFB series |
Maturity |
Bid (%) |
Offer (%) |
Mov (t-t0)% |
| IFB1/2017/7 (IFB13) |
Nov-24 |
9.20 |
8.75 |
0.00 |
| IFB1/2016/9 (IFB10) |
May-25 |
9.20 |
8.75 |
0.00 |
| IFB1/2015/12 (IFB8) |
Mar-27 |
9.50 |
9.00 |
0.00 |
| IFB1/2017/12 (IFB12) |
Feb-29 |
10.80 |
10.60 |
0.00 |
| IFB1/2016/15 (IFB11) |
Oct-31 |
11.10 |
10.95 |
0.00 |
| IFB1/2018/15 (IFB14) |
Jan-33 |
11.20 |
11.00 |
0.00 |
| IFB1/2018/20 (IFB15) |
Oct-38 |
12.00 |
11.70 |
0.00 |
| IFB1/2019/25 (IFB16) |
Feb-44 |
12.50 |
12.10 |
0.00 |
| IFB1/2019/16 (IFB17) |
Oct-35 |
12.00 |
11.75 |
0.00 |
| IFB1/2020/9 (IFB18) |
Apr-29 |
10.95 |
10.80 |
0.07 |
| IFB1/2020/6 (IFB19) |
May-26 |
9.30 |
9.00 |
0.00 |
| IFB1/2020/11 (IFB20) |
Aug-31 |
11.10 |
10.95 |
0.00 |
| IFB1/2021/16 (IFB21) |
Jan-37 |
12.00 |
11.90 |
0.00 |
| IFB1/2021/18 (IFB22) |
Mar-39 |
12.30 |
12.05 |
0.00 |
| IFB1/2021/21 (IFB23) |
Aug-42 |
12.50 |
12.40 |
-0.01
|
|
|
| Key Interest Rates |
|
Mov (bps) |
| O/N Interbank |
6.6135% |
-30.73 |
| 91 Day T-bill |
6.895% |
-1.10 |
| 182 Day T-bill |
7.282% |
0.00 |
| 364 Day T-bill |
7.949% |
5.90 |
| Inflation |
6.91% |
34.00 |
|
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