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View this email in your browser Peaceful Monday The IFB1/2023/17Yr Tap Sale closed on Friday, and the market locked in an additional KES 12.712Bn worth of the bond. This, however, fell short of the KES 20bn target set by the CBK. Attached are the results in full for your perusal. For your other trading activities for the day, Attached is the CBK weekly report to assist in your reading of the market while updated benchmark Yield Curve levels are ready for your perusal on the attached price list. I have also attached the NSE Implied Yields for the NSE’s valuations of all the treasuries. To bring it all together, 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 11.00 10.50 0.00 2Yr 12.80 12.50 0.00 5yr 13.80 13.70 0.00 10yr 14.20 14.10 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 12.50 12.00 0.00 IFB1/2016/9 (IFB10) May-25 12.50 12.00 0.00 IFB1/2015/12 (IFB8) Mar-27 12.60 12.00 0.00 IFB1/2017/12 (IFB12) Feb-29 12.75 12.00 0.00 IFB1/2016/15 (IFB11) Oct-31 13.50 13.00 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 13.50 13.00 0.00 IFB1/2021/16 (IFB21) Jan-37 13.75 13.60 0.00 IFB1/2021/18 (IFB22) Mar-39 13.85 13.60 0.00 IFB1/2021/21 (IFB23) Aug-42 14.20 13.80 0.00 IFB1/2022/19 (IFB24) Jan-41 13.90 13.50 0.00 IFB1/2022/18 (IFB25) May-40 13.80 13.70 0.00 IFB1/2022/14 (IFB26) Oct-36 13.80 13.70 0.00 IFB1/2022/6 (IFB27) Nov-28 13.20 13.05 0.00 IFB1/2023/17 (IFB28) Feb-40 14.40 14.35 -0.02     Key  Interest Rates   Mov (bps) O/N Interbank 6.9651% 5.98 91 Day T-bill 9.780% 3.80 182 Day T-bill 10.285% 6.90 364 Day T-bill 10.777% 3.00 Inflation 9.23% 25.00   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.   Bond Positions Available Today NSE Implied Yields CBK Weekly Report IFB1/2023/17Yr April 2023 Bond Auction Trade Now View Previous Market Updates Share Tweet Share Copyright © 2022 Bespoke Securities Limited, All Rights Reserved.

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