Monday Madness
It’s auction time and below are my expectations on how things will turn out:
- FXD1/2021/5Yr (4.7 years): average of 11.65% - 11.75% and the cut-off to be 10 – 15bps away
- FXD1/2020/15Yr (12.9 years): average of 13.15% - 13.25% and the cut off to be 15 – 20bps away
- FXD1/2021/25Yr (24.2 years): average of 13.85% - 13.95% and the cut-off to be 13.99%
Attached is the CBK weekly report to assist in your reading of the market and updated benchmark Yield Curve levels are to be found on the attached pricelist. I have also attached the NSE Implied Yields for the NSE’s valuations of all the bonds. Below is a snapshot of what is at play within the secondary market for your consideration. Happy hunting!
**For those with candidates sitting their national examinations, my very best wishes goes to them.
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|
| 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 |
11.90 |
11.35 |
0.00 |
| 10Yr |
12.90 |
12.60 |
0.00 |
| 15Yr |
13.20 |
13.00 |
0.20 |
| 20Yr |
13.80 |
13.70 |
0.00 |
| 25Yr |
14.00 |
13.70 |
0.00 |
|
|
| Indicative Two-Way Quotes - IFB Series |
| IFB series |
Maturity |
Bid (%) |
Offer (%) |
Mov (t-t0)% |
IFB1/2017/7
(IFB13) |
Nov-24 |
10.00 |
9.50 |
0.00 |
IFB1/2016/9
(IFB10) |
May-25 |
10.00 |
9.60 |
0.00 |
IFB1/2015/12
(IFB8) |
Mar-27 |
10.00 |
9.50 |
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 |
12.25 |
11.90 |
0.00 |
IFB1/2018/20
(IFB15) |
Oct-38 |
12.00 |
11.80 |
0.00 |
IFB1/2019/25
(IFB16) |
Feb-44 |
12.50 |
12.20 |
0.00 |
IFB1/2019/16
(IFB17) |
Oct-35 |
12.35 |
12.15 |
0.00 |
IFB1/2020/9
(IFB18) |
Apr-29 |
11.30 |
11.00 |
0.00 |
IFB1/2020/6
(IFB19) |
May-26 |
10.10 |
9.70 |
0.00 |
IFB1/2020/11
(IFB20) |
Aug-31 |
12.30 |
12.00 |
0.00 |
IFB1/2021/16
(IFB21) |
Jan-37 |
12.40 |
12.30 |
0.00 |
IFB1/2021/18
(IFB22) |
Mar-39 |
12.55 |
12.30 |
0.00 |
IFB1/2021/21
(IFB23) |
Aug-42 |
12.80 |
12.65 |
0.00 |
IFB1/2022/19
(IFB24) |
Jan-41 |
13.05 |
12.95 |
0.05
|
|
|
| Key Interest Rates |
|
Mov (bps) |
| O/N Interbank |
5.3617% |
-15.94 |
| 91 Day T-bill |
7.265% |
1.10 |
| 182 Day T-bill |
8.063% |
0.10 |
| 364 Day T-bill |
9.774% |
1.00 |
| Inflation |
5.08% |
-31.00 |
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