Kenya Bond Market Update: 04 November 2024

Published on
November 4, 2024
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Auction Week, Part 1
 

This week we have the first part of this month’s bond auction where the CBK will be re-opening the FXD1/2023/10Yr (8.3 years) and FXD1/2022/15Yr (12.5 years) in a bid to lock in KES 25Bn. My expectations for these papers will be in tomorrow’s note. For the rest of your dealings for the week ahead, 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!

Below are the two-way quotes for the benchmark tenors:
 
Indicative Two-Way Quotes - Benchmark Tenors
Benchmark Tenor Bid (%) Offer (%) Mov (t-t0)%
1Yr 15.20 14.80 0.00
2Yr 15.50 15.20 0.00
5yr 16.50 16.00 0.00
10yr 17.00 16.50 0.00
15yr 16.50 16.00 0.00
20yr 16.50 16.00 0.00
25yr 16.50 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 14.50 14.00 0.00
IFB1/2016/9 (IFB10) May-25 14.50 14.00 0.00
IFB1/2015/12 (IFB8) Mar-27 14.70 14.30 0.00
IFB1/2017/12 (IFB12) Feb-29 14.90 14.50 0.00
IFB1/2016/15 (IFB11) Oct-31 14.90 14.60 0.00
IFB1/2018/15 (IFB14) Jan-33 15.00 14.70 0.00
IFB1/2018/20 (IFB15) Oct-38 15.20 14.90 0.00
IFB1/2019/25 (IFB16) Feb-44 15.50 15.00 0.00
IFB1/2019/16 (IFB17) Oct-35 15.30 14.75 0.00
IFB1/2020/9 (IFB18) Apr-29 15.00 14.70 0.00
IFB1/2020/6 (IFB19) May-26 15.00 14.50 0.00
IFB1/2020/11 (IFB20) Aug-31 15.00 14.70 0.00
IFB1/2021/16 (IFB21) Jan-37 15.20 14.80 0.00
IFB1/2021/18 (IFB22) Mar-39 15.30 14.80 0.00
IFB1/2021/21 (IFB23) Aug-42 15.50 15.00 0.00
IFB1/2022/19 (IFB24) Jan-41 15.50 15.00 0.00
IFB1/2022/18 (IFB25) May-40 15.30 14.80 0.00
IFB1/2022/14 (IFB26) Oct-36 15.30 14.80 0.00
IFB1/2022/6 (IFB27) Nov-28 14.70 14.30 0.00
IFB1/2023/17 (IFB28) Feb-40 15.00 14.70 0.00
IFB1/2023/7 (IFB29) Jun-30 14.90 14.50 0.00
IFB1/2023/6.5 (IFB30) May-30 14.80 14.50 0.00
IFB1/2024/8.5 (IFB31) Aug-32 14.90 14.50 0.00
 
Key  Interest Rates   Mov (bps)
O/N Interbank 12.1031% 12.60
91 Day T-bill 13.9656% -46.65
182 Day T-bill 14.5233% -62.34
364 Day T-bill 14.9684% -50.07
Central Bank Rate (CBR) 12.00% -75.00
Inflation 2.70% -90.00
 
Below are links to the bond positions available today, the NSE Implied Yields, the CBK Weekly Report and the November 2024 bond auction prospectus.
 
Bond Positions
NSE Implied Yields
CBK Weekly Report
November 2024 Bond Auction Prospectus
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