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 |
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