Kenya Bond Market Update: 03 October 2022

Published on
October 3, 2022
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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!
 
 
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

 
Bond Positions Available Today
NSE Implied Yields
CBK Weekly Bulletin
Inflation Data - September 2022
Bond Prospectus - October 2022
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