Tomorrow, 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 are given below:

• FXD1/2023/10Yr (8.3 years): 16.30 - 16.50% average
• FXD1/2022/15Yr (12.5 years): 16.50% - 16.70% average
• Subscription: My expectation is that the auction will be oversubscribed

For your other trading activities for the day, below is a snapshot of what is at play within the secondary market for your consideration. Happy hunting!

**links to the attachments are to be found at the bottom of this note