Interest in T-bills bounced back this week on the back of improved liquidity levels and a healthy portion of incoming maturities. The CBK managed to lock in KES 47.813Bn in bids with interest remaining heavily skewed towards the 91D T-bill as investors continue to favour shorter-dated instruments. The 182D T-bill saw the biggest jump in rates as it moved up 88bps to create a hump in the T-bill yield curve as it surpassed the rates of both the 91D and the longer 364D T-bill. Attached are the results in full for your perusal. The interbank rate continued its downward trajectory as captured below. Below is a snapshot of what is at play within the secondary market for your consideration. Happy hunting and enjoy the weekend 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
13.75
13.25
0.25
2Yr
16.00
15.50
0.25
5yr
17.20
16.90
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
15.00
14.75
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
15.50
15.00
0.00
IFB1/2022/6 (IFB27)
Nov-28
13.30
13.20
0.00
IFB1/2023/17 (IFB28)
Feb-40
15.70
15.00
0.00
IFB1/2023/7 (IFB29)
Jun-30
16.00
15.60
0.00
Key Interest Rates
Mov (bps)
O/N Interbank
8.7995%
-158.60
91 Day T-bill
13.1104%
42.49
182 Day T-bill
13.4381%
88.02
364 Day T-bill
13.3402%
23.30
Central Bank Rate (CBR)
10.50%
0.00
Inflation
7.30%
-70.00
Attached are the bond positions available today, the T-bill auction results and the bond auction prospectus for August 2023.
