75bps Friday
The Monetary Policy Committee (MPC) of the Central Bank met yesterday and decided to raise the Central Bank Rate (CBR) from 7.50% to 8.25%. The Committee concluded that there was scope for a tightening of the monetary policy as a result of inflationary pressures and global market volatility. For more information on this, attached is the MPC Statement for your perusal. For even more colour on the MPC’s decision, here is a link to the CBK Governor’s press conference that has just began; https://www.youtube.com/watch?v=me036k7gluw
Away from the MPC, attached are the T-bill results from this week’s undersubscribed auction. For the trading in store ahead, below is a snapshot of what is at play within the secondary market for your consideration. Happy hunting and weekending!
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| Indicative Two-Way Quotes - Benchmark Tenors |
| Benchmark Tenor |
Bid (%) |
Offer (%) |
Mov (t-t0)% |
| 1Yr |
10.20 |
9.90 |
0.00 |
| 2Yr |
11.50 |
11.00 |
0.00 |
| 5Yr |
13.00 |
12.50 |
0.00 |
| 10Yr |
13.95 |
13.80 |
0.00 |
| 15Yr |
13.95 |
13.80 |
0.00 |
| 20Yr |
14.00 |
13.80 |
0.00 |
| 25Yr |
14.00 |
13.85 |
0.00 |
|
|
| Indicative Two-Way Quotes - IFB Series |
| IFB Series |
Maturity |
Bid (%) |
Offer (%) |
Mov (t-t0)% |
| IFB1/2017/7 |
Nov-24 |
11.75 |
11.30 |
0.00 |
| IFB1/2016/9 |
May-25 |
11.75 |
11.50 |
0.20 |
| IFB1/2015/12 |
Mar-27 |
12.20 |
12.00 |
0.00 |
| IFB1/2017/12 |
Feb-29 |
12.00 |
11.00 |
0.00 |
| IFB1/2016/15 |
Oct-31 |
13.20 |
12.70 |
0.00 |
| IFB1/2018/15 |
Jan-33 |
13.40 |
12.90 |
0.05 |
| IFB1/2018/20 |
Oct-38 |
13.50 |
13.00 |
0.00 |
| IFB1/2019/25 |
Feb-44 |
13.50 |
12.90 |
0.00 |
| IFB1/2019/16 |
Oct-35 |
13.50 |
13.00 |
0.00 |
| IFB1/2020/9 |
Apr-29 |
13.00 |
12.70 |
0.00 |
| IFB1/2020/6 |
May-26 |
11.75 |
11.00 |
0.00 |
| IFB1/2020/11 |
Aug-31 |
13.20 |
12.75 |
0.00 |
| IFB1/2021/16 |
Jan-37 |
13.30 |
13.00 |
0.00 |
| IFB1/2021/18 |
Mar-39 |
13.40 |
13.20 |
0.00 |
| IFB1/2021/21 |
Aug-42 |
13.55 |
13.30 |
0.00 |
| IFB1/2022/19 |
Jan-41 |
13.45 |
13.00 |
0.00 |
| IFB1/2022/18 |
May-40 |
13.40 |
13.20 |
0.00 |
|
|
| Key Interest Rates |
|
Mov (bps) |
| O/N Interbank |
5.4986% |
-1.38 |
| 91 Day T-bill |
8.952% |
0.10 |
| 182 Day T-bill |
9.631% |
0.60 |
| 364 Day T-bill |
9.905% |
-0.40 |
| Inflation |
8.53% |
21.00 |
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