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View this email in your browser Chilly Friday   The T-bills this week received a chilly response from the market as the CBK only managed to lock in KES 5.520Bn from a total of KES 9.490Bn in bids received. Although the auction was undersubscribed, the CBK still rejected a significant portion of the bids received as they looked to mitigate the push for higher rates. Attached are the results for your perusal. For your trading activities ahead, 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 11.75 11.25 0.00 2Yr 13.75 13.20 0.00 5yr 14.50 14.20 0.00 10yr 14.70 14.30 0.00 15yr 15.50 14.50 0.00 20yr 16.00 14.50 0.00 25yr 16.00 14.50 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 12.60 0.00 IFB1/2015/12 (IFB8) Mar-27 13.30 13.00 0.00 IFB1/2017/12 (IFB12) Feb-29 13.80 13.00 0.00 IFB1/2016/15 (IFB11) Oct-31 14.00 13.00 0.00 IFB1/2018/15 (IFB14) Jan-33 14.50 14.10 0.00 IFB1/2018/20 (IFB15) Oct-38 15.50 14.00 0.00 IFB1/2019/25 (IFB16) Feb-44 16.00 14.00 0.00 IFB1/2019/16 (IFB17) Oct-35 14.50 13.80 0.00 IFB1/2020/9 (IFB18) Apr-29 13.75 13.50 0.00 IFB1/2020/6 (IFB19) May-26 13.00 12.00 0.00 IFB1/2020/11 (IFB20) Aug-31 14.50 14.10 0.00 IFB1/2021/16 (IFB21) Jan-37 15.50 14.50 0.00 IFB1/2021/18 (IFB22) Mar-39 15.50 14.50 0.00 IFB1/2021/21 (IFB23) Aug-42 15.50 15.00 0.00 IFB1/2022/19 (IFB24) Jan-41 15.50 14.50 0.00 IFB1/2022/18 (IFB25) May-40 15.70 14.50 0.00 IFB1/2022/14 (IFB26) Oct-36 15.50 14.50 0.00 IFB1/2022/6 (IFB27) Nov-28 13.30 13.10 0.00 IFB1/2023/17 (IFB28) Feb-40 15.50 14.50 0.00 IFB1/2023/7 (IFB29) Jun-30 15.75 15.60 0.10   Key  Interest Rates   Mov (bps) O/N Interbank 10.0510% 0.60 91 Day T-bill 11.904% 11.90 182 Day T-bill 11.947% 8.40 364 Day T-bill 12.157% 22.30 Central Bank Rate (CBR) 10.50% 100.00 Inflation 8.00% 10.00   Attached are the bond positions available today and the T-bill auction results. Bond Positions T-bill Auction Results Trade Now View Previous Market Updates Share Tweet Share Copyright © 2022 Bespoke Securities Limited, All Rights Reserved.

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