Kenya Bond Market Update: 23 November 2022

Published on
November 23, 2022
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Thirsty CBK


Three important updates from the CBK and below is a quick summary of these updates:
  • IFB1/2022/14Yr Tap Sale Results: an oversubscribed Tap-Sale totaling KES 19.136Bn, with the CBK accepting all the bids received. Attached are these results for your perusal.
  • December Bond Auction Prospectus: the CBK will be re-opening both the FXD1/2008/20Yr and the FXD1/2022/25Yr in a bid to secure KES 40Bn. Attached is the prospectus for all details related to this auction.
  • Bond Switch: proposal in play to issue a new Infrastructure Bond, the IFB1/2022/6Yr, for KES 87.8Bn, to roll-over T-Bond and T-Bill maturities due on 09-Jan-2023. Only holders of debt maturing on 09-Jan-2023 will be eligible to participate in this IFB1/2022/6Yr auction. The sale period closes on 30-Nov-2022. The prospectus for this bond is attached for your perusal.
Away from this, 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 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 14.00 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 13.85 0.02
 
 
Key  Interest Rates   Mov (bps)
O/N Interbank 4.7248% 25.49
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 IFB1/2022/14Yr Tap Sale results, the IFB1/2022/6Yr (switch-bond) prospectus, and the December bond auction prospectus.
Bond Positions Available Today
IFB1/2022/14Yr Tap Sale
IFB1/2022/6Yr (switch-bond)
December Bond Auction
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