Kenya Bond Market Update: 19 May 2023

Published on
May 19, 2023
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Finally Friday

 
 A quick reminder that the CBK has brought back the FXD1/2023/3Yr via a Tap-Sale in a bid to secure KES 10Bn. The sale-period closes today so please have your bids at the CBK by the 2.00 P.M deadline. Attached is the prospectus for all the required details. Attached as well are the T-bill results from this week’s auction. The auction was oversubscribed on the back of KES 48.384Bn incoming in form of maturities. The CBK managed to lock in KES 35.968Bn with the shortest bill, the 91D T-bill, remaining the market’s favourite option.

Below is a snapshot of what is at play within the secondary market for your consideration. Happy hunting, tapping and weekending!

 
Below are the two-way quotes for the benchmark tenors:
 
Indicative Two-Way Quotes - Benchmark Tenors
Benchmark Tenor Bid (%) Offer (%) Mov (t-t0)%
1Yr 11.75 11.25 0.00
2Yr 13.75 13.20 0.00
5yr 14.20 14.00 0.00
10yr 14.30 14.10 0.00
15yr 14.60 14.30 0.00
20yr 14.75 14.40 0.00
25yr 14.75 14.40 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 13.80 13.00 0.00
IFB1/2016/15 (IFB11) Oct-31 14.00 13.00 0.00
IFB1/2018/15 (IFB14) Jan-33 14.30 14.10 0.00
IFB1/2018/20 (IFB15) Oct-38 14.40 14.00 0.00
IFB1/2019/25 (IFB16) Feb-44 14.50 14.00 0.00
IFB1/2019/16 (IFB17) Oct-35 14.20 13.80 0.00
IFB1/2020/9 (IFB18) Apr-29 13.75 13.50 0.00
IFB1/2020/6 (IFB19) May-26 13.00 12.00 0.00
IFB1/2020/11 (IFB20) Aug-31 14.20 14.00 0.00
IFB1/2021/16 (IFB21) Jan-37 14.50 14.00 0.10
IFB1/2021/18 (IFB22) Mar-39 14.50 14.00 0.10
IFB1/2021/21 (IFB23) Aug-42 14.50 14.00 0.12
IFB1/2022/19 (IFB24) Jan-41 14.50 14.00 0.10
IFB1/2022/18 (IFB25) May-40 14.50 14.00 0.00
IFB1/2022/14 (IFB26) Oct-36 14.50 14.00 0.00
IFB1/2022/6 (IFB27) Nov-28 13.30 13.20 0.00
IFB1/2023/17 (IFB28) Feb-40 14.60 14.40 0.03
 
Key  Interest Rates   Mov (bps)
O/N Interbank 9.2609% 2.21
91 Day T-bill 10.518% 10.80
182 Day T-bill 10.978% 12.50
364 Day T-bill 11.390% 12.00
Central Bank Rate (CBR) 9.50% 75.00
Inflation 7.90% -129.00
 
Attached are the bond positions available today, the T-bill auction results and the Tap-Sale prospectus for the FXD1/2023/3Yr.
 
Bond Positions
T-bill Auction Results
FXD1/2023/3Yr
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