Hi there October
Organizations all over the world are celebrating Customer Service Week, and this makes me wonder what exactly they are doing the rest of the year? Jokes aside, we have the first part of this month bond auction coming up this week. My expectations for the two bonds being re-opened are as follows:
- FXD1/2017/10Yr (4.9 years): average of approximately 13.35% - 13.45%
- FXD1/2020/15Yr (12.3 years): average of approximately 13.90% - 13.99%
- Attached is the prospectus for all the required details of this auction
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 and best wishes for the month ahead!
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| Indicative Two-Way Quotes - Benchmark Tenors |
| Benchmark Tenor |
Bid (%) |
Offer (%) |
Mov (t-t0)% |
| 1Yr |
10.20 |
9.90 |
0.00 |
| 2Yr |
11.50 |
11.00 |
0.00 |
| 5Yr |
13.00 |
12.50 |
0.00 |
| 10Yr |
13.95 |
13.80 |
0.00 |
| 15Yr |
13.95 |
13.80 |
0.00 |
| 20Yr |
14.00 |
13.80 |
0.00 |
| 25Yr |
14.00 |
13.85 |
0.00 |
|
|
| Indicative Two-Way Quotes - IFB Series |
| IFB Series |
Maturity |
Bid (%) |
Offer (%) |
Mov (t-t0)% |
| IFB1/2017/7 |
Nov-24 |
11.75 |
11.30 |
0.00 |
| IFB1/2016/9 |
May-25 |
11.75 |
11.50 |
0.20 |
| IFB1/2015/12 |
Mar-27 |
12.20 |
12.00 |
0.00 |
| IFB1/2017/12 |
Feb-29 |
12.00 |
11.00 |
0.00 |
| IFB1/2016/15 |
Oct-31 |
13.20 |
12.70 |
0.00 |
| IFB1/2018/15 |
Jan-33 |
13.40 |
12.90 |
0.05 |
| IFB1/2018/20 |
Oct-38 |
13.50 |
13.00 |
0.00 |
| IFB1/2019/25 |
Feb-44 |
13.50 |
12.90 |
0.00 |
| IFB1/2019/16 |
Oct-35 |
13.50 |
13.00 |
0.00 |
| IFB1/2020/9 |
Apr-29 |
13.00 |
12.70 |
0.00 |
| IFB1/2020/6 |
May-26 |
11.75 |
11.00 |
0.00 |
| IFB1/2020/11 |
Aug-31 |
13.20 |
12.75 |
0.00 |
| IFB1/2021/16 |
Jan-37 |
13.30 |
13.00 |
0.00 |
| IFB1/2021/18 |
Mar-39 |
13.40 |
13.20 |
0.00 |
| IFB1/2021/21 |
Aug-42 |
13.55 |
13.30 |
0.00 |
| IFB1/2022/19 |
Jan-41 |
13.45 |
13.00 |
0.00 |
| IFB1/2022/18 |
May-40 |
13.40 |
13.20 |
0.00 |
|
|
| Key Interest Rates |
|
Mov (bps) |
| O/N Interbank |
5.6775% |
17.89 |
| 91 Day T-bill |
8.952% |
0.10 |
| 182 Day T-bill |
9.631% |
0.60 |
| 364 Day T-bill |
9.905% |
-0.40 |
| Inflation |
8.53% |
21.00 |
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