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View this email in your browser First Primary   Last call for bids for this month’s bond auction. Below is a summary of my updated expectations: FXD1/2020/5Yr (2.4 years): average to fall within the 12.75% - 12.85% range. Cut-off to be approximately 20bps away from the average FXD1/2022/15Yr (14.3 years): average to fall within the 14.00% - 14.10% range. Cut-off to be approximately 20bps away from the average To bring it all together, below is a snapshot of what is at play within the secondary market for your consideration. Happy hunting and good luck with the auction!   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 13.80 13.75 0.03 IFB1/2022/6 (IFB27) Nov-28 13.30 13.20 0.00       Key  Interest Rates   Mov (bps) O/N Interbank 5.6369% -60.17 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 and the January 2023 Prospectus of the Re-opened FXD1/2020/5Yr & FXD1/2022/15Yr. Bond Positions Available Today 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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