Get Ready, Get Ready
Ready your bids for the re-opened FXD1/2023/5Yr and new 10Yr bond, FXD1/2024/10Yr, as the sale period closes tomorrow morning, at 10AM EAT. My updated expectations for these bonds are captured below, with the biggest change coming in my expectations for the new 10Yr bond:
- FXD1/2023/5Yr Average: 18.40% - 18.60%, with the cut-off coming in 20 – 30bps above the average (coupon set at 16.844%)
- FXD1/2024/10Yr Average: 17.90% - 18.30%, with the cut-off coming in 20 – 30bps above the average (coupon set at 16.000%)
- Subscription: assuming the target is KES 40Bn, an undersubscription would be my expectation.
- Please continue to poke some holes in my above expectations so that we can all be aligned by Wednesday morning
For your other trading activities for the day, below is a snapshot of what is at play within the secondary market for your consideration. Happy hunting and bidding!
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