Kenya Bond Market Update: 27 October 2023

Published on
October 27, 2023
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Springboks Vs All Blacks

 
Tomorrow is a big day in rugby, and the world really, as South Africa face New Zealand in the World Cup final. Lots of history and emotion this game brings and if South Africa do get the win, we probably will not hear from our South African audience for the rest of 2023 as December will surely begin for them. Best of luck to both teams! The T-bill auction results from this week’s auction have been attached for your perusal. No surprises to report in these results as the maturities continue to determine the interest shown, interest remains skewed towards the 91D T-bill and the yields across all three bills remain above 15%. To conclude, 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 15.40 15.10 0.00
2Yr 17.55 17.25 0.00
5yr 17.75 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 13.50 13.00 0.00
IFB1/2016/9 (IFB10) May-25 13.50 13.00 0.00
IFB1/2015/12 (IFB8) Mar-27 13.75 13.25 0.00
IFB1/2017/12 (IFB12) Feb-29 14.50 14.00 0.00
IFB1/2016/15 (IFB11) Oct-31 14.75 14.50 0.00
IFB1/2018/15 (IFB14) Jan-33 15.10 14.90 0.00
IFB1/2018/20 (IFB15) Oct-38 15.50 15.00 0.00
IFB1/2019/25 (IFB16) Feb-44 16.20 15.75 0.07
IFB1/2019/16 (IFB17) Oct-35 15.10 14.90 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 15.10 14.90 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 15.75 0.00
IFB1/2022/19 (IFB24) Jan-41 15.80 15.50 0.00
IFB1/2022/18 (IFB25) May-40 16.00 15.50 0.00
IFB1/2022/14 (IFB26) Oct-36 15.85 15.50 0.00
IFB1/2022/6 (IFB27) Nov-28 14.65 14.35 0.00
IFB1/2023/17 (IFB28) Feb-40 16.00 15.50 0.00
IFB1/2023/7 (IFB29) Jun-30 16.20 16.00 -0.15
 
Key  Interest Rates   Mov (bps)
O/N Interbank 12.5071% -6.04
91 Day T-bill 15.1112% 6.54
182 Day T-bill 15.1289% 5.26
364 Day T-bill 15.3867% 4.62
Central Bank Rate (CBR) 10.50% 0.00
Inflation 6.80% 10.00
 
Attached are the bond positions available today, the T-bill auction results and the bond prospectus for November 2023.
 
Bond Positions
T-bill Auction Results
Bond Prospectus for November 2023
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