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View this email in your browser Results Thursday The bond auction results are with us and below is a quick summary of how things played out: FXD1/2020/5Yr (2.4 years): average of 12.879%, with the ‘assumed cut-off’ coming in at 12.99%. KES 24.352Bn in bids was accepted from KES 27.620Bn in bids submitted by the market FXD1/2022/15Yr (14.3 years): average of 14.186%, with the ‘assumed cut-off’ coming in at 14.24%. KES 7.160Bn in bids was accepted from KES 14.011Bn in bids submitted by the market A total of KES 31.513Bn was locked in, falling short of the KES 50Bn target set for this auction. Attached are the results in full for your perusal. Away from the primary auction, 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 10.50 10.00 0.00 2Yr 12.80 12.50 0.40 5yr 13.70 13.50 0.00 10yr 13.95 13.80 0.00 15yr 14.20 14.00 0.20 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 13.85 13.75 0.03 IFB1/2022/6 (IFB27) Nov-28 13.30 13.20 -0.01   Key  Interest Rates   Mov (bps) O/N Interbank 5.2765% -10.51 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 bond auction results. Bond Positions Available Today January 2023 Bond Auction Results. Trade Now View Previous Market Updates Share Tweet Share Copyright © 2022 Bespoke Securities Limited, All Rights Reserved.

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