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View this email in your browser Tap and More! The Central Bank is back with more goodies for the market as they continue in their quest to lock in more funding. There is a Tap Sale in play for the recently re-opened FXD1/2020/5Yr and FXD1/2022/15Yr in a bid to secure KES 10Bn. The sale period is short as it closes on Friday, 20-Jan-2023, or upon attainment of the KES 10Bn, whichever comes first. With a target of KES 50Bn for the February bond auction, the CBK has re-opened the FXD1/2017/10Yr and has on offer a new 10Yr, FXD1/2023/10Yr. Attached are details to both the Tap Sale and the February bond auction for your perusal as you prepare to submit your bids. 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 10.50 10.00 0.00 2Yr 12.80 12.50 0.00 5yr 13.70 13.50 0.00 10yr 13.95 13.80 0.00 15yr 14.20 14.00 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 13.25 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 13.85 13.70 0.00 IFB1/2022/14 (IFB26) Oct-36 13.85 13.70 0.00 IFB1/2022/6 (IFB27) Nov-28 13.30 13.20 0.00   Key  Interest Rates   Mov (bps) O/N Interbank 5.4060% 9.88 91 Day T-bill 9.425% 3.30 182 Day T-bill 9.859% 1.20 364 Day T-bill 10.432% 6.30 Inflation 9.06% -42.00     Attached are the bond positions available today, Tap Sale Prospectus and the February 2023 Bond Prospectus. Bond Positions Available Today Tap Sale and February 2023 Bond Trade Now View Previous Market Updates Share Tweet Share Copyright © 2022 Bespoke Securities Limited, All Rights Reserved.

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