Kenya Bond Market Update: 23 December 2022

Published on
December 23, 2022
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Merry Christmas!!

 
The next time we communicate, you would have already celebrated Christmas, opened up your presents (hopefully you get some) and had an unhealthy amount of food and drink. I wish you and your family all the best, and if you are Christian I hope you do take in the importance of this day. Lots of blessings to you and yours!
We still have a work day ahead of us so attached you will find both the IFB1/2022/6Yr Tap-Sale results and this week’s T-bill auction results. Below is a snapshot of what is at play within the secondary market for your consideration. Happy hunting and celebrating!

 
Below are the two-way quotes for the benchmark tenors:
 
Indicative Two-Way Quotes - Benchmark Tenors
Benchmark Tenor Bid (%) Offer (%) Mov (t-t0)%
1Yr 10.30 9.90 0.00
2Yr 11.75 11.00 0.00
5yr 13.70 13.50 0.00
10yr 13.95 13.80 0.00
15yr 14.00 13.80 0.00
20yr 14.10 13.90 0.00
25yr 14.35 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 12.00 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 13.20 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 13.50 0.00
IFB1/2021/21 (IFB23) Aug-42 14.00 13.50 0.00
IFB1/2022/19 (IFB24) Jan-41 13.90 13.50 0.00
IFB1/2022/18 (IFB25) May-40 13.75 13.50 0.00
IFB1/2022/14 (IFB26) Oct-36 13.90 13.80 0.00
IFB1/2022/6 (IFB27) Nov-28 13.30 13.20 0.00
 
 
Key  Interest Rates   Mov (bps)
O/N Interbank 5.4791% 19.48
91 Day T-bill 9.370% 1.40
182 Day T-bill 9.825% 0.40
364 Day T-bill 10.310% 1.10
Inflation 9.48% -11.00
 
 
Attached are the bond positions available today, the IFB1/2022/6Yr TAP-SALE results, the T-bill auction results from this week and the January 2023 Prospectus of the Re-opened FXD1/2020/5Yr & FXD1/2022/15Yr.
Bond Positions Available Today
IFB1/2022/6Yr TAP-SALE Results
T-bill auction Results
Re-opened FXD1/2020/5Yr & FXD1/2022/15Yr
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