The Central Bank of Kenya (CBK), in all their generosity, has once again given the market the opportunity to stack up on their IFB1/2023/17Yr holdings by offering an additional KES 10Bn via a Tap-Sale. The Tap-Sale closes on Friday, 14-April-2023 or upon the attainment of the quantum, whichever comes first. Attached is the Tap-Sale prospectus for all the required information to enable you to participate. The CBK still has on offer this month’s final two re-opened bonds, the FXD1/2022/3yr (2.0 years) and the FXD1/2019/15Yr (10.9 years) in a bid to lock in KES 30Bn. Attached is the bond prospectus to assist you in preparing your bids.
For your secondary market activity, below is a snapshot of what is at play within the secondary market for your consideration. Happy hunting!
Below are the two-way quotes for the benchmark tenors:
Indicative Two-Way Quotes - Benchmark Tenors
Benchmark Tenor
Bid (%)
Offer (%)
Mov (t-t0)%
1Yr
11.00
10.50
0.00
2Yr
13.00
12.50
0.10
5yr
14.00
13.70
0.10
10yr
14.20
14.10
0.00
15yr
14.20
14.00
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
13.20
12.70
0.00
IFB1/2016/9 (IFB10)
May-25
13.20
13.00
0.00
IFB1/2015/12 (IFB8)
Mar-27
13.30
13.00
0.00
IFB1/2017/12 (IFB12)
Feb-29
13.50
13.00
0.00
IFB1/2016/15 (IFB11)
Oct-31
13.50
13.00
0.00
IFB1/2018/15 (IFB14)
Jan-33
14.00
13.50
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
13.70
13.50
0.00
IFB1/2021/16 (IFB21)
Jan-37
14.00
13.60
0.00
IFB1/2021/18 (IFB22)
Mar-39
14.00
13.60
0.00
IFB1/2021/21 (IFB23)
Aug-42
14.20
13.80
0.00
IFB1/2022/19 (IFB24)
Jan-41
14.00
13.50
0.00
IFB1/2022/18 (IFB25)
May-40
14.00
13.70
0.00
IFB1/2022/14 (IFB26)
Oct-36
13.80
13.70
0.00
IFB1/2022/6 (IFB27)
Nov-28
13.30
13.20
0.00
IFB1/2023/17 (IFB28)
Feb-40
14.45
14.35
0.05
Key Interest Rates
Mov (bps)
O/N Interbank
8.3685%
3.45
91 Day T-bill
10.004%
9.70
182 Day T-bill
10.368%
-3.10
364 Day T-bill
10.857%
5.70
Central Bank Rate (CBR)
9.50%
75.00
Inflation
9.19%
-4.00
Attached are the bond positions available today, the IFB1/2023/17Yr Tap-Sale Prospectus and the April 2023 Bond Auction prospectus.
