Kenya Bond Market Update: 04 October 2021

Published on
October 13, 2021
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Auction Week

 

It’s a week where the market and the CBK do their monthly dance via the bond auction. This week, the dancing will gravitate around three re-opened papers and below are my refreshed expectations:

  • 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): 13.75% - 13.80% on the average and a cut-off of 15 - 20bps away from the average.
 
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 0.00
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 0.00
 
 
Key  Interest Rates   Mov (bps)
O/N Interbank 6.6310% 1.75
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

 
Bond Positions Available Today
Bond Auction Prospectus - October 2021
Trade Now
 

MATHANGANI KARIUKI


Director | Bespoke Securities

Director, Interest Rates | AKN Investments

http://www.akn.co.ke

+254 (0) 732472655

mathanganik@bespokesecurities.co.ke
mathangani@akn.co.ke


Eikon Messenger: mathanganik@bespokesecurities.co.ke
 
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