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View this email in your browser Take the Leap   This day comes every 4 years. If it’s your birthday, take comfort in the fact that you are aging slowly.In honour of this leap day, the CBK has published the bond prospectus for March 2024. The CBK will be re-opening both the FXD1/2024/3Yr (2.9 years) and FXD1/2023/5Yr (4.4 years) plus issuing a new 10Yr bond, FXD1/2024/10Yr. The CBK is targeting KES 40Bn from this auction. A relatively small amount especially on the backdrop of three bonds being on offer. Attached is the bond prospectus for all the details required.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 17.20 16.80 0.00 2Yr 18.40 18.00 0.00 5yr 18.60 18.20 0.00 10yr 17.00 16.50 0.00 15yr 16.50 16.00 0.00 20yr 16.50 16.00 0.00 25yr 16.30 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 14.75 14.50 0.00 IFB1/2020/6 (IFB19) May-26 13.50 12.75 0.00 IFB1/2020/11 (IFB20) Aug-31 17.50 16.75 0.00 IFB1/2021/16 (IFB21) Jan-37 17.00 16.00 0.00 IFB1/2021/18 (IFB22) Mar-39 17.00 16.00 0.00 IFB1/2021/21 (IFB23) Aug-42 17.00 16.00 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 17.00 16.00 0.00 IFB1/2023/17 (IFB28) Feb-40 16.50 16.00 0.00 IFB1/2023/7 (IFB29) Jun-30 16.50 16.00 0.00 IFB1/2023/6.5 (IFB30) May-30 17.40 16.90 0.00 IFB1/2024/8.5 (IFB31) Aug-32 17.90 17.80 -0.05   Key  Interest Rates   Mov (bps) O/N Interbank 14.1022% -7.57 91 Day T-bill 16.5895% 3.56 182 Day T-bill 16.7344% 1.89 364 Day T-bill 16.9194% 0.06 Central Bank Rate (CBR) 13.00% 50.00 Inflation 6.90% 30.00 Attached are the bond positions available today and the March bond auction prospectus. Bond Positions March Bond Auction March Bond Auction View Previous Market Updates Share Tweet Share Copyright © 2022 Bespoke Securities Limited, All Rights Reserved.

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