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View this email in your browser Hello September   The first of the month comes on a weekend, so let’s all try and behave ourselves! Attached are the T-bill auction results from this week and the inflation data for August 2023. On the T-bill front, no changes in how the market has been treating these auctions. Interest largely influenced by the incoming maturities while the bids remain heavily skewed towards the shortest T-bill, the 91D T-bill. On the inflation side, the year-on-year inflation rate was 6.7%, a 60bp drop from the previous month and the second consecutive drop in the inflation rate. For your day’s trading activities, below is a snapshot of what is at play within the secondary market for your consideration. Happy Hunting and the very best wishes for the month 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 14.25 13.75 0.00 2Yr 16.80 16.50 0.00 5yr 17.80 17.50 0.00 10yr 17.00 16.50 0.00 15yr 17.00 16.00 0.00 20yr 17.00 16.00 0.00 25yr 17.00 16.00 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 13.50 12.75 0.00 IFB1/2016/9 (IFB10) May-25 13.50 13.00 0.00 IFB1/2015/12 (IFB8) Mar-27 14.00 13.00 0.00 IFB1/2017/12 (IFB12) Feb-29 15.00 14.00 0.00 IFB1/2016/15 (IFB11) Oct-31 15.00 14.00 0.00 IFB1/2018/15 (IFB14) Jan-33 15.00 14.50 0.00 IFB1/2018/20 (IFB15) Oct-38 16.00 15.00 0.00 IFB1/2019/25 (IFB16) Feb-44 16.50 15.00 0.00 IFB1/2019/16 (IFB17) Oct-35 16.00 15.00 0.00 IFB1/2020/9 (IFB18) Apr-29 14.50 14.00 0.00 IFB1/2020/6 (IFB19) May-26 13.00 12.00 0.00 IFB1/2020/11 (IFB20) Aug-31 15.75 15.00 0.00 IFB1/2021/16 (IFB21) Jan-37 15.75 15.00 0.00 IFB1/2021/18 (IFB22) Mar-39 15.70 15.00 0.00 IFB1/2021/21 (IFB23) Aug-42 16.50 15.30 0.00 IFB1/2022/19 (IFB24) Jan-41 15.50 15.00 0.00 IFB1/2022/18 (IFB25) May-40 15.70 15.50 0.00 IFB1/2022/14 (IFB26) Oct-36 16.00 15.50 0.00 IFB1/2022/6 (IFB27) Nov-28 13.30 13.20 0.00 IFB1/2023/17 (IFB28) Feb-40 16.00 15.00 0.00 IFB1/2023/7 (IFB29) Jun-30 15.90 15.65 0.07   Key  Interest Rates   Mov (bps) O/N Interbank 12.3984% 12.60 91 Day T-bill 13.9851% 25.19 182 Day T-bill 13.9388% 44.77 364 Day T-bill 13.7650% -24.90 Central Bank Rate (CBR) 10.50% 0.00 Inflation 6.70% -60.00   Attached are the bond positions available today, the T-bill auction results from this week and the inflation data for August 2023.   Bond Positions T-bill Auction Results Inflation Data for August 2023 Trade Now View Previous Market Updates Share Tweet Share Copyright © 2022 Bespoke Securities Limited, All Rights Reserved.

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