Kenya Bond Market Update: 21 November 2022

Published on
November 21, 2022
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World Cup Season


For the next few weeks, please let the football fans have control of the remote control.
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 pricelist. 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 and best wishes for the week ahead!

 
Below are the two-way quotes for the benchmark tenors:
 
Indicative Two-Way Quotes - Benchmark Tenors
Benchmark Tenor Bid (%) Offer (%) Mov (t-t0)%
1Yr 10.25 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 13.80 -0.02
 
 
Key  Interest Rates   Mov (bps)
O/N Interbank 4.3736% -11.98
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, the NSE Implied Yields, the CBK Weekly Report and the IFB1/2022/14Yr Tap Sale prospectus.
Bond Positions Available Today
NSE Implied Yields
CBK Weekly Report
IFB1/2022/14Yr Tap Sale Prospectus
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