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View this email in your browser A Happy Tap   The CBK managed to surpass its KES 10Bn target for the Tap-Sale as they locked in KES 18.021Bn. The market favoured the shorter bond, FXD1/200/5Yr, and attached are the results with all details available for your perusal. To get this week started, 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 10.50 10.00 0.00 2Yr 12.80 12.50 0.00 5yr 13.70 13.50 0.00 10yr 13.95 13.80 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 12.00 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 13.50 12.85 0.00 IFB1/2021/16 (IFB21) Jan-37 13.75 13.25 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 13.90 13.70 0.00 IFB1/2022/14 (IFB26) Oct-36 13.75 13.65 0.00 IFB1/2022/6 (IFB27) Nov-28 13.25 13.20 -0.03   Key  Interest Rates   Mov (bps) O/N Interbank 6.1156% 14.26 91 Day T-bill 9.474% 4.90 182 Day T-bill 9.891% 3.20 364 Day T-bill 10.470% 3.80 Inflation 9.06% -42.00     Attached are the bond positions available today, the NSE Implied Yields, the CBK Weekly Report, the January 2023 Tap Sale results and the February 2023 Bond Prospectus. Bond Positions Available Today NSE Implied Yields CBK Weekly Report January 2023 Tap Sale results February 2023 Bond Trade Now View Previous Market Updates Share Tweet Share Copyright © 2022 Bespoke Securities Limited, All Rights Reserved.

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