The first weekend of November is upon us but before we get to that, let me help you through your trading activities for today. This week’s T-bill auction results are attached for your perusal. No changes in how the market bids as interest remains pegged on incoming maturities while the bids submitted remain heavily skewed towards the shortest bill, the 91D. Finally, the yields across all three bills continue to edge up as they remain above 15%.
Away from this, we have the IFB1/2023/6.5Yr closing next week Wednesday, 08-Nov-2023. My expectations, which will be updated as we approach the closing date, are below:
Average: Average between 17.50% – 17.60%
Subscription: Unsure on this as the market remains tight but I work to get some clarity on this and update accordingly
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
15.40
15.10
0.00
2Yr
17.55
17.40
0.00
5yr
18.00
17.80
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
17.00
16.00
-0.25
IFB1/2016/15 (IFB11)
Oct-31
17.00
16.00
-0.25
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
0.00
IFB1/2019/16 (IFB17)
Oct-35
15.50
15.00
0.00
IFB1/2020/9 (IFB18)
Apr-29
15.00
14.50
0.00
IFB1/2020/6 (IFB19)
May-26
13.50
12.75
0.00
IFB1/2020/11 (IFB20)
Aug-31
17.00
16.00
-0.25
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
15.90
-0.05
Key Interest Rates
Mov (bps)
O/N Interbank
12.1836%
-13.47
91 Day T-bill
15.1863%
7.51
182 Day T-bill
15.2714%
14.25
364 Day T-bill
15.4391%
5.24
Central Bank Rate (CBR)
10.50%
0.00
Inflation
6.90%
10.00
Attached are the bond positions available today, the T-bill auction results for this week and the bond prospectus for November 2023.
