Funky Friday
As we close in on the end of the IFB sale period, below are my updated expectations of how the auction will play out:
- Average of bids: 12.80% - 12.90%
- Subscription: KES 80Bn - KES 90Bn
- The feeling remains that the market will go into this auction with the aim of testing CBK’s resolve in regards to how far they are willing to go to lock in new funding.
Away from this, attached are these week’s T-bill auction results and below is a snapshot of what is at play within the secondary market for your consideration. Happy hunting and a lovely weekend ahead!
|
|
| Indicative Two-Way Quotes - Benchmark Tenors |
| Benchmark Tenor |
Bid (%) |
Offer (%) |
Mov (t-t0)% |
| 1Yr |
9.90 |
9.70 |
0.00 |
| 2Yr |
10.30 |
10.10 |
0.00 |
| 5yr |
11.45 |
11.35 |
0.00 |
| 10yr |
12.90 |
12.60 |
0.00 |
| 15yr |
13.00 |
12.80 |
0.00 |
| 20yr |
13.85 |
13.80 |
0.00 |
| 25yr |
13.90 |
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 |
9.60 |
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 |
XIFB1/2018/20
(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 |
0.10 |
IFB1/2020/6
(IFB19) |
May-26 |
10.10 |
9.70 |
0.00 |
IFB1/2020/11
(IFB20) |
Aug-31 |
12.30 |
12.00 |
0.20 |
IFB1/2021/16
(IFB21) |
Jan-37 |
12.45 |
12.30 |
0.00 |
IFB1/2021/18
(IFB22) |
Mar-39 |
12.55 |
12.30 |
0.10 |
IFB1/2021/21
(IFB23) |
Aug-42 |
12.65 |
12.60 |
0.00 |
|
|
| Key Interest Rates |
|
Mov (bps) |
| O/N Interbank |
4.8519% |
41.66 |
| 91 Day T-bill |
7.258% |
-5.90 |
| 182 Day T-bill |
8.108% |
1.30 |
| 364 Day T-bill |
9.668% |
7.40 |
| Inflation |
5.39% |
-34.00 |
|
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