Kenya Bond Market Update: 13 June 2023

Published on
June 13, 2023
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The Last Call

 
The CBK has on offer the IFB1/2023/7Yr as they seek KES 60bn from its sale. The sale period ends today and bids must be at the CBK by 2.00 PM EAT. Below are my updated expectations for how the auction will play out:
  • Bids: Bidding range of 14.99% - 15.50%
  • Average: 15.00% – 15.20%
  • Subscription: Oversubscription as a result of improved levels of liquidity in the market
  • The prospectus for this auction is attached with all the required information to facilitate your bidding process.
For your trading activities for the day ahead, below is a snapshot of what is at play within the secondary market for your consideration. Happy hunting and bidding!
 
Below are the two-way quotes for the benchmark tenors:
 
Indicative Two-Way Quotes - Benchmark Tenors
Benchmark Tenor Bid (%) Offer (%) Mov (t-t0)%
1Yr 11.75 11.25 0.00
2Yr 13.75 13.20 0.00
5yr 14.50 14.20 0.00
10yr 14.50 14.30 0.00
15yr 14.60 14.30 0.00
20yr 14.75 14.40 0.00
25yr 14.75 14.40 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 12.60 0.00
IFB1/2015/12 (IFB8) Mar-27 13.30 13.00 0.00
IFB1/2017/12 (IFB12) Feb-29 13.80 13.00 0.00
IFB1/2016/15 (IFB11) Oct-31 14.00 13.00 0.00
IFB1/2018/15 (IFB14) Jan-33 14.50 14.10 0.00
IFB1/2018/20 (IFB15) Oct-38 14.75 14.00 0.00
IFB1/2019/25 (IFB16) Feb-44 15.00 14.00 0.00
IFB1/2019/16 (IFB17) Oct-35 14.50 13.80 0.00
IFB1/2020/9 (IFB18) Apr-29 13.75 13.50 0.00
IFB1/2020/6 (IFB19) May-26 13.00 12.00 0.00
IFB1/2020/11 (IFB20) Aug-31 14.50 14.10 0.00
IFB1/2021/16 (IFB21) Jan-37 15.00 14.20 0.00
IFB1/2021/18 (IFB22) Mar-39 15.00 14.20 0.00
IFB1/2021/21 (IFB23) Aug-42 15.00 14.50 0.00
IFB1/2022/19 (IFB24) Jan-41 15.00 14.00 0.00
IFB1/2022/18 (IFB25) May-40 15.00 14.00 0.00
IFB1/2022/14 (IFB26) Oct-36 14.80 14.50 0.00
IFB1/2022/6 (IFB27) Nov-28 13.30 13.20 0.00
IFB1/2023/17 (IFB28) Feb-40 15.00 14.50 0.00
 
Key  Interest Rates   Mov (bps)
O/N Interbank 9.2232% 2.13
91 Day T-bill 11.414% 31.10
182 Day T-bill 11.548% 43.60
364 Day T-bill 11.608% 11.10
Central Bank Rate (CBR) 9.50% 0.00
Inflation 8.00% 10.00
 
Attached are the bond positions available today and the IFB1/2023/7Yr bond prospectus.
Bond Positions
IFB1/2023/7Yr
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