A dismal showing at this month’s primary auction, carrying on from the poor showing in the Tap Sale conducted in September. Below is a quick summary of how the bond auction played out:
FXD1/2023/2Yr: Average of 17.7358% on the back of KES 4.825Bn in bids accepted out of KES 6.506Bn in bids received
FXD1/2023/5Yr: Average of 17.9919% on the back of KES 1.481Bn in bids accepted out of KES 5.791Bn in bids received
Subscription: KES 6.306Bn in bids accepted from a total of KES 12.298Bn in bids received. Significantly undersubscribed as the target set was KES 35Bn
Attached are the results in full for your perusal.
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
15.40
15.10
0.00
2Yr
17.80
17.40
0.18
5yr
17.90
17.55
-0.20
10yr
17.00
16.50
0.00
15yr
17.00
16.00
0.00
20yr
16.50
16.00
0.00
25yr
16.50
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
13.00
0.25
IFB1/2016/9 (IFB10)
May-25
13.50
13.00
0.15
IFB1/2015/12 (IFB8)
Mar-27
13.75
13.25
0.20
IFB1/2017/12 (IFB12)
Feb-29
14.50
14.00
0.45
IFB1/2016/15 (IFB11)
Oct-31
14.75
14.50
0.20
IFB1/2018/15 (IFB14)
Jan-33
15.50
15.00
0.25
IFB1/2018/20 (IFB15)
Oct-38
15.50
15.00
0.00
IFB1/2019/25 (IFB16)
Feb-44
16.20
15.60
0.15
IFB1/2019/16 (IFB17)
Oct-35
15.50
15.20
0.25
IFB1/2020/9 (IFB18)
Apr-29
14.75
14.50
0.13
IFB1/2020/6 (IFB19)
May-26
13.50
12.75
0.13
IFB1/2020/11 (IFB20)
Aug-31
15.50
14.75
0.25
IFB1/2021/16 (IFB21)
Jan-37
16.00
15.50
0.13
IFB1/2021/18 (IFB22)
Mar-39
16.00
15.50
0.05
IFB1/2021/21 (IFB23)
Aug-42
16.50
15.75
0.00
IFB1/2022/19 (IFB24)
Jan-41
16.20
15.50
0.10
IFB1/2022/18 (IFB25)
May-40
16.00
15.50
0.15
IFB1/2022/14 (IFB26)
Oct-36
15.85
15.50
0.08
IFB1/2022/6 (IFB27)
Nov-28
13.70
13.30
0.05
IFB1/2023/17 (IFB28)
Feb-40
16.00
15.50
0.05
IFB1/2023/7 (IFB29)
Jun-30
16.00
15.75
0.00
Key Interest Rates
Mov (bps)
O/N Interbank
11.9550%
-3.44
91 Day T-bill
14.8734%
5.28
182 Day T-bill
14.9778%
2.79
364 Day T-bill
15.1867%
13.23
Central Bank Rate (CBR)
10.50%
0.00
Inflation
6.80%
10.00
Attached are the bond positions available today and the bond auction results of the re-opened FXD1/2023/2Yr & FXD1/2023/5Yr.
