Bids for the FXD1/2022/3Yr (2.0 years) and the FXD1/2019/15Yr (10.9 years) must be at the Central Bank by 2.00PM. My expectations for these bonds remain as below:
FXD1/2022/3Yr (2.0 years): Average of within 13.40% - 13.50%
FXD1/2019/15Yr (10.9 years): Average of within 14.40% - 14.50%
Attached is the bond prospectus for all the information required
Away from the auction, below is a snapshot of what is at play within the secondary market for your consideration. Happy hunting and best wishes for the auction ahead!
Below are the two-way quotes for the benchmark tenors:
Indicative Two-Way Quotes - Benchmark Tenors
Benchmark Tenor
Bid (%)
Offer (%)
Mov (t-t0)%
1Yr
11.00
10.50
0.00
2Yr
13.00
12.50
0.00
5yr
14.00
13.65
0.00
10yr
14.30
14.10
0.00
15yr
14.30
14.00
0.00
20yr
14.50
14.00
0.00
25yr
14.50
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
13.20
12.70
0.00
IFB1/2016/9 (IFB10)
May-25
13.20
13.00
0.00
IFB1/2015/12 (IFB8)
Mar-27
13.30
13.00
0.00
IFB1/2017/12 (IFB12)
Feb-29
13.50
13.00
0.00
IFB1/2016/15 (IFB11)
Oct-31
13.50
13.00
0.00
IFB1/2018/15 (IFB14)
Jan-33
14.00
13.50
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
13.70
13.50
0.00
IFB1/2021/16 (IFB21)
Jan-37
14.00
13.60
0.00
IFB1/2021/18 (IFB22)
Mar-39
14.00
13.60
0.00
IFB1/2021/21 (IFB23)
Aug-42
14.20
13.80
0.00
IFB1/2022/19 (IFB24)
Jan-41
14.00
13.50
0.00
IFB1/2022/18 (IFB25)
May-40
14.00
13.70
0.00
IFB1/2022/14 (IFB26)
Oct-36
13.80
13.70
0.00
IFB1/2022/6 (IFB27)
Nov-28
13.30
13.20
0.00
IFB1/2023/17 (IFB28)
Feb-40
14.425
14.35
0.00
Key Interest Rates
Mov (bps)
O/N Interbank
8.6215%
9.00
91 Day T-bill
10.072%
6.80
182 Day T-bill
10.428%
6.00
364 Day T-bill
10.932%
7.50
Central Bank Rate (CBR)
9.50%
75.00
Inflation
9.19%
-4.00
Attached are the bond positions available today, the NSE Implied Yields, the CBK Weekly Report, the IFB1/2023/17Yr TAP Sale results and the April 2023 bond auction prospectus.