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View this email in your browser Make It Rain Friday The market has flexed its liquidity muscle as KES 41Bn in bids were submitted for this week’s T-bills against CBK’s KES 24Bn target. Bids were skewed towards the shorter dated bills with the CBK accepting KES 30Bn of the total bids received. Attached are the results in full for your perusal. The CBK has surprisingly, at least to me, made no pronouncement on the Tap Sale of the IFB1/2022/14Yr so it therefore remains open. Competing with this Tap Sale is the secondary market, and below is a snapshot of what is at play for your consideration. Happy hunting and tapping this weekend!   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 13.85 -0.01     Key  Interest Rates   Mov (bps) O/N Interbank 4.4934% 19.01 91 Day T-bill 9.191% 1.80 182 Day T-bill 9.721% 1.50 364 Day T-bill 10.181% -0.50 Inflation 9.59% 41.00     Attached are the bond positions available today, this week’s T-bill auction results and the IFB1/2022/14Yr Tap Sale prospectus. Bond Positions Available Today T-bill Auction Results 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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