Kenya Bond Market Update: 28 March 2024

Published on
March 28, 2024
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Easter Weekend
 

To those celebrating this important Christian holiday, the spirit of Easter is all about hope, love, and joyful living. May you and yours have a blessed and restful weekend! 
The Central Bank has published the details of the primary auction for the month of April. What will be up for grabs will come in two parts as captured below:
  • Tap Sale of the FXD1/2023/5Yr and FXD1/2024/10 as per this month’s auction. The Central Bank will be seeking KES 25Bn from this sale
  • Re-opening of the FXD1/2023/2Yr in a bid to secure KES 40Bn
  • The prospectus is attached for all the required details
As we go into the long Easter weekend, 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 18.15 17.85 0.00
2Yr 18.30 18.00 0.00
5yr 18.65 18.35 0.00
10yr 16.50 16.00 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 15.75 15.50 0.00
IFB1/2016/9 (IFB10) May-25 15.85 15.75 0.00
IFB1/2015/12 (IFB8) Mar-27 14.50 14.00 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 16.50 16.00 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 17.50 17.20 0.00
IFB1/2020/6 (IFB19) May-26 17.50 17.10 0.00
IFB1/2020/11 (IFB20) Aug-31 17.50 17.20 0.00
IFB1/2021/16 (IFB21) Jan-37 17.00 16.50 0.00
IFB1/2021/18 (IFB22) Mar-39 17.00 16.50 0.00
IFB1/2021/21 (IFB23) Aug-42 17.00 16.50 0.00
IFB1/2022/19 (IFB24) Jan-41 17.00 16.50 0.00
IFB1/2022/18 (IFB25) May-40 17.00 16.50 0.00
IFB1/2022/14 (IFB26) Oct-36 17.00 16.50 0.00
IFB1/2022/6 (IFB27) Nov-28 17.50 17.20 0.00
IFB1/2023/17 (IFB28) Feb-40 16.50 16.00 0.00
IFB1/2023/7 (IFB29) Jun-30 17.40 17.10 0.00
IFB1/2023/6.5 (IFB30) May-30 16.85 16.70 0.00
IFB1/2024/8.5 (IFB31) Aug-32 16.80 16.65 -0.05
 
Key Interest Rates   Mov (bps)
O/N Interbank 13.6999% 5.80
91 Day T-bill 16.7306% 3.30
182 Day T-bill 16.9137% 2.37
364 Day T-bill 16.9890% 0.01
Central Bank Rate (CBR) 13.00% 50.00
Inflation 6.60% -30.00
Attached are the bond positions available today and the primary bond auction prospectus for April 2024.
Bond Positions
Primary Bond Auction Prospectus for April 2024
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