Ivory Coast & Chiefs
Two important football matches took place yesterday. One was an actual football match where Ivory Coast beat Nigeria to win the Africa Cup of Nations while the other was the over-hyped American version of football where the Kansas City Chiefs won their second straight Super Bowl victory. Congratulations to both teams and their fans and hoping the winning spirit is with you during the upcoming bond auction. I will update on my expectations for this auction in tomorrow’s note.
For your week ahead, attached is the CBK weekly report to assist in your reading of the market while updated benchmark Yield Curve levels are ready for your perusal on the attached pricelist. I have also attached the NSE Implied Yields for the NSE’s valuations of all the treasuries.
To bring it all together, 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:
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| Indicative Two-Way Quotes - Benchmark Tenors |
| Benchmark Tenor |
Bid (%) |
Offer (%) |
Mov (t-t0)% |
| 1Yr |
17.00 |
16.70 |
0.00 |
| 2Yr |
18.35 |
18.00 |
0.00 |
| 5yr |
18.90 |
18.40 |
0.00 |
| 10yr |
17.00 |
16.50 |
0.00 |
| 15yr |
16.50 |
16.00 |
0.00 |
| 20yr |
16.50 |
16.00 |
0.00 |
| 25yr |
16.30 |
16.00 |
0.00 |
Below are details of the two-way quotes for the infrastructure bonds and the key rates:
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| Indicative Two-Way Quotes - IFB Series |
| IFB series |
Maturity |
Bid (%) |
Offer (%) |
Mov (t-t0)% |
| IFB1/2017/7 (IFB13) |
Nov-24 |
16.00 |
15.50 |
0.00 |
| IFB1/2016/9 (IFB10) |
May-25 |
17.00 |
16.75 |
0.00 |
| IFB1/2015/12 (IFB8) |
Mar-27 |
15.50 |
15.00 |
0.00 |
| IFB1/2017/12 (IFB12) |
Feb-29 |
16.00 |
15.00 |
0.00 |
| IFB1/2016/15 (IFB11) |
Oct-31 |
16.00 |
15.50 |
0.00 |
| IFB1/2018/15 (IFB14) |
Jan-33 |
15.50 |
15.00 |
0.00 |
| IFB1/2018/20 (IFB15) |
Oct-38 |
16.50 |
16.00 |
0.00 |
| IFB1/2019/25 (IFB16) |
Feb-44 |
16.50 |
16.00 |
0.00 |
| IFB1/2019/16 (IFB17) |
Oct-35 |
15.50 |
16.00 |
0.00 |
| IFB1/2020/9 (IFB18) |
Apr-29 |
15.00 |
14.50 |
0.00 |
| IFB1/2020/6 (IFB19) |
May-26 |
14.50 |
13.75 |
0.00 |
| IFB1/2020/11 (IFB20) |
Aug-31 |
17.50 |
16.75 |
0.00 |
| IFB1/2021/16 (IFB21) |
Jan-37 |
17.00 |
16.00 |
0.00 |
| IFB1/2021/18 (IFB22) |
Mar-39 |
17.00 |
16.00 |
0.00 |
| IFB1/2021/21 (IFB23) |
Aug-42 |
17.00 |
16.00 |
0.00 |
| IFB1/2022/19 (IFB24) |
Jan-41 |
17.00 |
16.50 |
0.00 |
| IFB1/2022/18 (IFB25) |
May-40 |
17.00 |
16.50 |
0.00 |
| IFB1/2022/14 (IFB26) |
Oct-36 |
17.00 |
16.50 |
0.00 |
| IFB1/2022/6 (IFB27) |
Nov-28 |
17.00 |
16.00 |
0.00 |
| IFB1/2023/17 (IFB28) |
Feb-40 |
17.00 |
16.25 |
0.00 |
| IFB1/2023/7 (IFB29) |
Jun-30 |
17.00 |
16.30 |
0.00 |
| IFB1/2023/6.5 (IFB30) |
May-30 |
17.35 |
17.15 |
-0.02 |
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| Key Interest Rates |
|
Mov (bps) |
| O/N Interbank |
13.1436% |
-7.44 |
| 91 Day T-bill |
16.5038% |
12.91 |
| 182 Day T-bill |
16.6331% |
12.73 |
| 364 Day T-bill |
16.8574% |
17.73 |
| Central Bank Rate (CBR) |
13.00% |
50.00 |
| Inflation |
6.90% |
30.00 |
Attached are the bond positions available today, the NSE Implied Yields, the CBK Weekly Report and the IFB1/2024/8.5Yr Bond Prospectus.
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