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View this email in your browser Long Weekend Despite the fact that there was KES 28.803Bn in T-bills maturing, the CBK was only able to lock in KES 8.945Bn from a total of KES 9.003Bn in bids received. My theory (and I stand to be corrected) for this poor showing is the announcement of a new 3Yr bond to be auctioned in May. This announcement may result in a portion of T-bill maturities being held back. The new 3yr bond is the FXD1/2023/3Yr and the CBK will be looking to secure KES 20Bn from its sale. Attached is the bond prospectus for your perusal. Below is a snapshot of what is at play within the secondary market for your consideration. Happy hunting and enjoy the long 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 11.50 11.00 0.00 2Yr 13.50 13.10 0.00 5yr 14.00 13.65 0.00 10yr 14.30 14.10 0.00 15yr 14.30 14.00 0.00 20yr 14.50 14.00 0.00 25yr 14.50 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 13.20 12.70 0.00 IFB1/2016/9 (IFB10) May-25 13.20 13.00 0.00 IFB1/2015/12 (IFB8) Mar-27 13.30 13.00 0.00 IFB1/2017/12 (IFB12) Feb-29 13.50 13.00 0.00 IFB1/2016/15 (IFB11) Oct-31 13.50 13.00 0.00 IFB1/2018/15 (IFB14) Jan-33 14.00 13.70 0.00 IFB1/2018/20 (IFB15) Oct-38 14.20 13.80 0.00 IFB1/2019/25 (IFB16) Feb-44 14.20 13.80 0.00 IFB1/2019/16 (IFB17) Oct-35 14.00 13.70 0.00 IFB1/2020/9 (IFB18) Apr-29 13.20 12.70 0.00 IFB1/2020/6 (IFB19) May-26 12.70 12.00 0.00 IFB1/2020/11 (IFB20) Aug-31 14.10 13.95 0.00 IFB1/2021/16 (IFB21) Jan-37 14.00 13.60 0.00 IFB1/2021/18 (IFB22) Mar-39 14.00 13.60 0.00 IFB1/2021/21 (IFB23) Aug-42 14.20 13.80 0.00 IFB1/2022/19 (IFB24) Jan-41 14.00 13.50 0.00 IFB1/2022/18 (IFB25) May-40 14.00 13.70 0.00 IFB1/2022/14 (IFB26) Oct-36 14.10 13.85 0.00 IFB1/2022/6 (IFB27) Nov-28 13.40 13.20 0.00 IFB1/2023/17 (IFB28) Feb-40 14.40 14.35 0.00   Key  Interest Rates   Mov (bps) O/N Interbank 9.2834% 7.65 91 Day T-bill 10.275% 11.60 182 Day T-bill 10.511% 3.40 364 Day T-bill 11.124% 6.50 Central Bank Rate (CBR) 9.50% 75.00 Inflation 9.19% -4.00     Attached are the bond positions available today, the T-bill auction results and the FXD1/2023/3Yr Bond Prospectus.   Bond Positions T-bill Auction Results FXD1/2023/3Yr Trade Now View Previous Market Updates Share Tweet Share Copyright © 2022 Bespoke Securities Limited, All Rights Reserved.

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