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View this email in your browser Can you still Tap? No announcement from the CBK but given the small size on offer on the TAP Sale, can you still Tap? Food for thought if you are looking to add to the supply you have on this new Infrastructure  Bond. My advice would be to submit your bid sooner rather than later. Just to emphasize, the CBK has not announced the closure of the Tap Sale and therefore it remains open until we are told otherwise. Below is a snapshot of what is at play within the secondary market for your consideration. Happy hunting and tapping!   Below are the two-way quotes for the benchmark tenors:   Indicative Two-Way Quotes - Benchmark Tenors Benchmark Tenor Bid (%) Offer (%) Mov (t-t0)% 1Yr 10.20 9.90 0.00 2Yr 11.75 11.00 0.00 5yr 13.40 13.10 0.00 10yr 13.95 13.80 0.00 15yr 14.00 13.80 0.00 20yr 14.10 13.90 0.00 25yr 14.20 14.05 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 13.00 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 13.20 0.00 IFB1/2021/21 (IFB23) Aug-42 14.00 13.30 0.00 IFB1/2022/19 (IFB24) Jan-41 13.90 13.30 0.00 IFB1/2022/18 (IFB25) May-40 13.80 13.45 0.00 IFB1/2022/14 (IFB26) Oct-36 13.95 13.875 0.06     Key  Interest Rates   Mov (bps) O/N Interbank 4.3033% -3.15 91 Day T-bill 9.173% 3.40 182 Day T-bill 9.706% 1.50 364 Day T-bill 10.186% 7.70 Inflation 9.59% 41.00     Attached are the bond positions available today and the IFB1/2022/14Yr Tap Sale prospectus. Bond Positions Available Today IFB1/2022/14Yr Tap Sale prospectus Trade Now View Previous Market Updates Share Tweet Share Copyright © 2022 Bespoke Securities Limited, All Rights Reserved.

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