Kenya Bond Market Update: 15 December 2022

Published on
December 15, 2022
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T Minus 10 Days

– On the 10th day of Christmas, our CBK gave to us:
  • 1 Tap-Sale on the IFB1/2022/6Yr for December 2022
  • 2 Re-openings of the FXD1/2020/5Yr (2.4 years) and the FXD1/2022/15Yr (14.3 years) for January 2023
  • And attached is the prospectus for these offerings for your perusal.
  • I had thought this may have gone way more melodically than it has, but I am no musician. For your trading activities ahead, 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 10.30 9.90 0.00
2Yr 11.75 11.00 0.00
5yr 13.70 13.50 0.00
10yr 13.95 13.80 0.00
15yr 14.00 13.80 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 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 13.50 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 13.75 13.50 0.00
IFB1/2022/14 (IFB26) Oct-36 13.90 13.80 0.02
IFB1/2022/6 (IFB27) Nov-28 13.30 13.20 0.00
 
Key  Interest Rates   Mov (bps)
O/N Interbank 5.0387% -12.01
91 Day T-bill 9.327% 5.20
182 Day T-bill 9.796% 4.40
364 Day T-bill 10.245% 2.00
Inflation 9.48% -11.00
 
 
Attached are the bond positions available today, the IFB1/2022/6Yr December 2022 TAP-SALE Prospectus and the January 2023 Prospectus of the Re-opened FXD1/2020/5Yr & FXD1/2022/15Yr.
Bond Positions Available Today
IFB1/2022/6Yr December 2022 TAP-SALE
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