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View this email in your browser Big Wow!   A bit late with the note today, my apologies. The IFB1/2023/7Yr auction results came in hot yesterday with the market flexing its muscles and the CBK flexing its appetite. The numbers in play blew my mind. Below is a quick summary: Bids: KES 220.518Bn in bids received with 213.399Bn in bids accepted Average: 15.837% Away from this spectacular 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 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 15.50 14.50 0.55 20yr 16.00 14.50 0.68 25yr 16.00 14.50 0.68   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 15.50 14.00 0.38 IFB1/2019/25 (IFB16) Feb-44 16.00 14.00 0.50 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 15.50 14.50 0.40 IFB1/2021/18 (IFB22) Mar-39 15.50 14.50 0.40 IFB1/2021/21 (IFB23) Aug-42 15.50 14.50 0.25 IFB1/2022/19 (IFB24) Jan-41 15.50 14.50 0.50 IFB1/2022/18 (IFB25) May-40 15.50 14.50 0.50 IFB1/2022/14 (IFB26) Oct-36 15.50 14.50 0.35 IFB1/2022/6 (IFB27) Nov-28 13.30 13.20 0.00 IFB1/2023/17 (IFB28) Feb-40 15.50 14.50 0.25 IFB1/2023/7 (IFB29) Jun-30 15.85 15.65 0.00   Key  Interest Rates   Mov (bps) O/N Interbank 9.2498% 2.66 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 auction results. Bond Positions IFB1/2023/7Yr Trade Now View Previous Market Updates Share Tweet Share Copyright © 2022 Bespoke Securities Limited, All Rights Reserved.

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