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View this email in your browser The First Friday   – A good outing for the CBK in the year’s first T-bill auction as they managed to lock in KES 31.394Bn, surpassing their KES 24Bn target. Interest remains heavily skewed towards the shorter dated T-bills, as can be seen in the results attached for your perusal. Secondary market activity remains subdued as thoughts turn to next week’s primary auction, and if we are being honest, the transition into this new year not yet completed. Below is a recap of my expectations for the primary auction: FXD1/2020/5Yr (2.4 years): average to fall within the 12.70% - 12.80% range. Cut-off to be approximately 20bps away from the average FXD1/2022/15Yr (14.3 years): average to fall within the 13.95% - 14.05% range. Cut-off to be approximately 15bps away from the average Below is a snapshot of what is at play within the secondary market for your consideration. Happy hunting and enjoy the weekend ahead!   Below are the two-way quotes for the benchmark tenors:   Indicative Two-Way Quotes - Benchmark Tenors Benchmark Tenor Bid (%) Offer (%) Mov (t-t0)% 1Yr 10.50 10.00 0.00 2Yr 12.50 12.00 0.00 5yr 13.70 13.50 0.00 10yr 13.95 13.80 0.00 15yr 14.00 13.80 0.00 20yr 14.10 13.90 0.00 25yr 14.35 14.20 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 12.00 11.45 0.00 IFB1/2016/9 (IFB10) May-25 12.00 11.45 0.00 IFB1/2015/12 (IFB8) Mar-27 12.20 12.00 0.00 IFB1/2017/12 (IFB12) Feb-29 12.00 11.00 0.00 IFB1/2016/15 (IFB11) Oct-31 13.20 12.70 0.00 IFB1/2018/15 (IFB14) Jan-33 13.60 13.20 0.00 IFB1/2018/20 (IFB15) Oct-38 13.80 13.50 0.00 IFB1/2019/25 (IFB16) Feb-44 14.00 12.90 0.00 IFB1/2019/16 (IFB17) Oct-35 13.70 13.50 0.00 IFB1/2020/9 (IFB18) Apr-29 13.20 12.70 0.00 IFB1/2020/6 (IFB19) May-26 12.30 12.00 0.00 IFB1/2020/11 (IFB20) Aug-31 13.20 12.80 0.00 IFB1/2021/16 (IFB21) Jan-37 13.75 13.25 0.00 IFB1/2021/18 (IFB22) Mar-39 13.85 13.50 0.00 IFB1/2021/21 (IFB23) Aug-42 14.00 13.50 0.00 IFB1/2022/19 (IFB24) Jan-41 13.90 13.50 0.00 IFB1/2022/18 (IFB25) May-40 13.70 13.30 0.00 IFB1/2022/14 (IFB26) Oct-36 13.775 13.65 -0.09 IFB1/2022/6 (IFB27) Nov-28 13.30 13.15 -0.02   Key  Interest Rates   Mov (bps) O/N Interbank 6.3453% -20.71 91 Day T-bill 9.392% 2.30 182 Day T-bill 9.847% 1.30 364 Day T-bill 10.369% 6.10 Inflation 9.06% -42.00     Attached are the bond positions available today, this week’s T-bill auction results and the January 2023 Prospectus of the Re-opened FXD1/2020/5Yr & FXD1/2022/15Yr. Bond Positions Available Today T-bill Auction Results Re-opened FXD1/2020/5Yr & FXD1/2022/15Yr Trade Now View Previous Market Updates Share Tweet Share Copyright © 2022 Bespoke Securities Limited, All Rights Reserved.

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