Kenya Bond Market Update: 24 November 2023

Published on
November 24, 2023
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Fab Friday


Next month serves as the year’s weekend as the Christmas and party spirits begin to slowly take over. Before you start ignoring these emails, let me update you on the T-bill auction and bond positions available today. In the T-bill space, no change in performance. Maturities remain the determining factor for the interest shown, while the 91D T-bill remains the most popular option for market players. Away from the T-bill space, below is a snapshot of what is at play within the secondary market for your consideration. Happy hunting and enjoy the weekend 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 16.25 15.75 0.00
2Yr 17.80 17.60 0.00
5yr 18.00 17.60 0.00
10yr 17.00 16.50 0.00
15yr 16.50 16.00 0.00
20yr 16.50 16.00 0.00
25yr 16.50 16.00 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 15.50 15.00 0.00
IFB1/2016/9 (IFB10) May-25 15.50 15.00 0.00
IFB1/2015/12 (IFB8) Mar-27 13.80 13.70 0.00
IFB1/2017/12 (IFB12) Feb-29 16.00 15.00 0.00
IFB1/2016/15 (IFB11) Oct-31 16.00 15.50 0.00
IFB1/2018/15 (IFB14) Jan-33 15.50 15.00 0.00
IFB1/2018/20 (IFB15) Oct-38 15.50 15.00 0.00
IFB1/2019/25 (IFB16) Feb-44 16.50 16.00 0.00
IFB1/2019/16 (IFB17) Oct-35 15.50 15.20 0.00
IFB1/2020/9 (IFB18) Apr-29 14.75 14.50 0.00
IFB1/2020/6 (IFB19) May-26 13.50 12.75 0.00
IFB1/2020/11 (IFB20) Aug-31 15.50 15.00 0.00
IFB1/2021/16 (IFB21) Jan-37 16.00 15.50 0.00
IFB1/2021/18 (IFB22) Mar-39 16.00 15.50 0.00
IFB1/2021/21 (IFB23) Aug-42 16.50 16.00 0.00
IFB1/2022/19 (IFB24) Jan-41 16.50 15.50 0.00
IFB1/2022/18 (IFB25) May-40 16.50 15.50 0.00
IFB1/2022/14 (IFB26) Oct-36 16.50 15.50 0.00
IFB1/2022/6 (IFB27) Nov-28 13.70 13.30 0.00
IFB1/2023/17 (IFB28) Feb-40 16.50 15.50 0.00
IFB1/2023/7 (IFB29) Jun-30 16.20 15.90 0.00
IFB1/2023/6.5 (IFB30) May-30 17.90 17.80 0.00
 
Key  Interest Rates   Mov (bps)
O/N Interbank 11.1715% 2.30
91 Day T-bill 15.4426% 7.94
182 Day T-bill 15.4445% 1.64
364 Day T-bill 15.5828% -5.57
Central Bank Rate (CBR) 10.50% 0.00
Inflation 6.90% 10.00
 
Attached are the bond positions available today, the T-bill auction results for this week and the IFB1/2023/6.5Yr Tap Sale Prospectus.
 
Bond Positions
T-bill Auction results
IFB1/2023/6.5Yr Tap Sale Prospectus
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