Kenya Bond Market Update: 28 December 2021

Published on
December 28, 2021
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The Last Dance, 2021



It has been a crazy year, and for most, a very challenging one. I hope you take this week to look back and be grateful for all you have been able to accomplish and the challenges you have been able to overcome. We have a few work days to still get through and I hope these notes will continue adding value to your bond trading journey.

Attached is the CBK weekly report to assist in your reading of the market and updated benchmark Yield Curve levels are to be found on the attached pricelist. I have also attached the NSE Implied Yields for the NSE’s valuations of all the bonds. Below is a snapshot of what is at play within the secondary market. Happy hunting!

 
 
Indicative Two-Way Quotes - Benchmark Tenors
Benchmark Tenor Bid (%) Offer (%) Mov (t-t0)%
1Yr 9.20 8.80 0.00
2Yr 10.30 10.00 0.10
5yr 11.35 11.25 -0.05
10yr 12.70 12.55 0.00
15yr 13.00 12.80 0.00
20yr 13.50 13.30 0.00
25yr 13.70 13.60 0.00
 
Indicative Two-Way Quotes - IFB Series
IFB series Maturity Bid (%) Offer (%) Mov (t-t0)%
IFB1/2017/7
(IFB13)
Nov-24 9.90 9.50 0.00
IFB1/2016/9
(IFB10)
May-25 10.00 9.60 0.00
IFB1/2015/12
(IFB8)
Mar-27 10.00 9.35 0.00
IFB1/2017/12
(IFB12)
Feb-29 10.80 10.60 0.00
IFB1/2016/15
(IFB11)
Oct-31 11.40 11.20 0.00
IFB1/2018/15
(IFB14)
Jan-33 12.20 11.80 -0.07
XIFB1/2018/20
(IFB15)
Oct-38 12.00 11.80 0.00
IFB1/2019/25
(IFB16)
Feb-44 12.50 12.15 0.00
IFB1/2019/16
(IFB17)
Oct-35 12.40 12.10 0.00
IFB1/2020/9
(IFB18)
Apr-29 11.10 10.90 0.10
IFB1/2020/6
(IFB19)
May-26 10.00 9.70 0.00
IFB1/2020/11
(IFB20)
Aug-31 12.00 11.70 -0.05
IFB1/2021/16
(IFB21)
Jan-37 12.30 12.20 -0.07
IFB1/2021/18
(IFB22)
Mar-39 12.45 12.25 0.03
IFB1/2021/21
(IFB23)
Aug-42 12.55 12.45 0.00
 
Key  Interest Rates   Mov (bps)
O/N Interbank 5.8691% 21.59
91 Day T-bill 7.264% -0.10
182 Day T-bill 7.982% 0.50
364 Day T-bill 9.265% 10.10
Inflation 5.80% -65.00

 
Bond Positions Available Today
NSE Implied Yields
CBK Weekly Bulletin
Bond Auction Prospectus- January 2022
Trade Now

MATHANGANI KARIUKI


Director | Bespoke Securities

Director, Interest Rates | AKN Investments


+254 (0) 732472655

Eikon Messenger: 
mathanganik@bespokesecurities.co.ke
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