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View this email in your browser  Week One, All Done! This week where I have tried my hand at being a rapper with the catchy rhymes but worry not, this will be the last one….maybe. It has been a slow start to the year with the market maintaining the net-offered position from last year. There has not been too much liquidity floating around the secondary space with the CBK auctioning the FXD1/2020/5Yr and the first T-Bills of the year, both of which were marginally undersubscribed. I believe liquidity levels will play a major role in how the secondary market behaves and as long as liquidity remains low, we may see the net-offered position in the market stay with us a bit longer. As always, below is a snapshot of what is at play within the secondary market. Happy hunting and do have yourself a lovely weekend!     Indicative Two-Way Quotes - Benchmark Tenors Benchmark Tenor Bid (%) Offer (%) Mov (t-t0)% 1Yr 9.80 9.35 0.13 2Yr 10.30 10.00 0.00 5yr 11.50 11.30 0.03 10yr 12.70 12.55 0.00 15yr 13.00 12.80 0.00 20yr 13.50 13.30 0.00 25yr 13.70 13.60 0.00   Indicative Two-Way Quotes - IFB Series IFB series Maturity Bid (%) Offer (%) Mov (t-t0)% IFB1/2017/7 (IFB13) Nov-24 9.90 9.50 0.00 IFB1/2016/9 (IFB10) May-25 10.00 9.60 0.00 IFB1/2015/12 (IFB8) Mar-27 10.00 9.35 0.00 IFB1/2017/12 (IFB12) Feb-29 10.80 10.60 0.00 IFB1/2016/15 (IFB11) Oct-31 11.40 11.20 0.00 IFB1/2018/15 (IFB14) Jan-33 12.20 11.80 0.00 XIFB1/2018/20 (IFB15) Oct-38 12.00 11.80 0.00 IFB1/2019/25 (IFB16) Feb-44 12.50 12.15 0.00 IFB1/2019/16 (IFB17) Oct-35 12.25 12.15 0.02 IFB1/2020/9 (IFB18) Apr-29 11.10 10.90 0.00 IFB1/2020/6 (IFB19) May-26 10.00 9.70 0.00 IFB1/2020/11 (IFB20) Aug-31 12.20 11.95 0.05 IFB1/2021/16 (IFB21) Jan-37 12.30 12.20 0.00 IFB1/2021/18 (IFB22) Mar-39 12.45 12.25 0.00 IFB1/2021/21 (IFB23) Aug-42 12.55 12.45 0.00   Key Interest Rates   Mov (bps) O/N Interbank 4.3818% 0.27 91 Day T-bill 7.345% 7.40 182 Day T-bill 8.041% -5.40 364 Day T-bill 9.444% 7.70 Inflation 5.73% -7.00   Bond Positions Available Today T-Bill Auction Results Bond Auction Prospectus - January 2022 Trade Now MATHANGANI KARIUKI Director | Bespoke Securities Director, Interest Rates | AKN Investments +254 (0) 732472655 Eikon Messenger:  mathanganik@bespokesecurities.co.ke View Previous Market Updates Share Tweet Share Copyright © 2021 Bespoke Securities Limited, All Rights Reserved.

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