Budget Day
The Treasury Cabinet Secretary will this afternoon be presenting the country’s 2022/2023 budget to Parliament and proposing the plans to be implemented to finance this budget. Highlights of this will be presented in tomorrow’s note. Away from this, the Central Bank published the auction results of the FXD1/2022/3Yr. Below is a quick summary of the results:
- Bids Received: KES 34.045Bn, surprisingly short of the KES 40Bn target set by the CBK
- Bids Accepted: KES 33.137Bn
- Average of Accepted Bids: 11.766%
I have attached the results for your perusal. Below is a snapshot of what is at play within the secondary market for your consideration. Happy hunting!
|
|
| Indicative Two-Way Quotes - Benchmark Tenors |
| Benchmark Tenor |
Bid (%) |
Offer (%) |
Mov (t-t0)% |
| 1Yr |
9.90 |
9.70 |
0.00 |
| 2Yr |
10.55 |
10.20 |
0.00 |
| 5Yr |
12.00 |
11.70 |
0.00 |
| 10Yr |
12.90 |
12.60 |
0.00 |
| 15Yr |
13.80 |
13.50 |
0.00 |
| 20Yr |
13.85 |
13.80 |
0.00 |
| 25Yr |
14.00 |
13.75 |
0.00 |
|
|
| Indicative Two-Way Quotes - IFB Series |
| IFB series |
Maturity |
Bid (%) |
Offer (%) |
Mov (t-t0)% |
IFB1/2017/7
(IFB13) |
Nov-24 |
10.35 |
9.90 |
0.00 |
IFB1/2016/9
(IFB10) |
May-25 |
10.35 |
9.90 |
0.00 |
IFB1/2015/12
(IFB8) |
Mar-27 |
10.50 |
10.00 |
0.00 |
IFB1/2017/12
(IFB12) |
Feb-29 |
11.00 |
10.60 |
0.00 |
IFB1/2016/15
(IFB11) |
Oct-31 |
12.50 |
12.25 |
0.00 |
IFB1/2018/15
(IFB14) |
Jan-33 |
12.40 |
12.00 |
0.00 |
IFB1/2018/20
(IFB15) |
Oct-38 |
12.90 |
12.50 |
0.00 |
IFB1/2019/25
(IFB16) |
Feb-44 |
13.00 |
12.50 |
0.00 |
IFB1/2019/16
(IFB17) |
Oct-35 |
12.90 |
12.60 |
0.00 |
IFB1/2020/9
(IFB18) |
Apr-29 |
11.30 |
11.00 |
0.00 |
IFB1/2020/6
(IFB19) |
May-26 |
11.30 |
10.75 |
0.00 |
IFB1/2020/11
(IFB20) |
Aug-31 |
12.60 |
12.50 |
0.00 |
IFB1/2021/16
(IFB21) |
Jan-37 |
12.90 |
12.70 |
0.00 |
IFB1/2021/18
(IFB22) |
Mar-39 |
13.00 |
12.80 |
0.00 |
IFB1/2021/21
(IFB23) |
Aug-42 |
13.00 |
12.80 |
0.00 |
IFB1/2022/19
(IFB24) |
Jan-41 |
13.05 |
12.975 |
0.01
|
|
|
| Key Interest Rates |
|
Mov (bps) |
| O/N Interbank |
4.7660% |
-1.93 |
| 91 Day T-bill |
7.302% |
1.90 |
| 182 Day T-bill |
8.164% |
3.00 |
| 364 Day T-bill |
9.752% |
-1.50 |
| Inflation |
5.56% |
48.00 |
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