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View this email in your browser Hump Day   It was brought to my attention that I did not attach all the advertised documentation in yesterday’s note. What was omitted was last week’s NSE Implied Yields as well as the Weekly Report from the Central Bank. My apologies for this lapse on my part and a big thank you to the superstar who called me out. I have attached these for your perusal and to assist your week’s navigation in these Fixed Income streets. 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:   Indicative Two-Way Quotes - Benchmark Tenors Benchmark Tenor Bid (%) Offer (%) Mov (t-t0)% 1Yr 18.15 17.85 0.00 2Yr 18.30 18.00 0.00 5yr 18.65 18.35 0.00 10yr 16.50 16.00 0.00 15yr 16.50 16.00 0.00 20yr 16.50 16.00 0.00 25yr 16.50 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 17.50 17.20 0.00 IFB1/2020/6 (IFB19) May-26 17.50 17.10 0.00 IFB1/2020/11 (IFB20) Aug-31 17.50 17.20 0.00 IFB1/2021/16 (IFB21) Jan-37 17.00 16.50 0.00 IFB1/2021/18 (IFB22) Mar-39 17.00 16.50 0.00 IFB1/2021/21 (IFB23) Aug-42 17.00 16.50 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 17.50 17.20 0.00 IFB1/2023/17 (IFB28) Feb-40 16.50 16.00 0.00 IFB1/2023/7 (IFB29) Jun-30 16.90 16.20 0.00 IFB1/2023/6.5 (IFB30) May-30 16.85 16.65 0.02 IFB1/2024/8.5 (IFB31) Aug-32 16.80 16.65 0.02     Key  Interest Rates   Mov (bps) O/N Interbank 13.8111% 6.05 91 Day T-bill 16.7290% -0.16 182 Day T-bill 16.8877% -2.60 364 Day T-bill 16.9899% 0.09 Central Bank Rate (CBR) 13.00% 50.00 Inflation 5.70% -60.00 Attached are the bond positions available today, the NSE Implied Yields, CBK Weekly Report and the primary bond auction prospectus for April 2024. Bond Positions NSE Implied Yields CBK Weekly Report Primary Bond Auction Prospectus for April 2024 Trade Now View Previous Market Updates Share Tweet Share Copyright © 2022 Bespoke Securities Limited, All Rights Reserved.

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