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View this email in your browser Final Auction Week, 2022 First of all, my apologies for the tardiness with today’s note. To get things started, the sale period on the re-opened FXD1/2008/20Yr (5.6 years) and the FXD1/2022/25Yr (24.9 years) closes tomorrow, and as such below are my expectations: FXD1/2008/20Yr (5.6 years): average of 13.45% – 13.55% FXD1/2022/25Yr (24.9 years): average of 14.35% – 14.45% Attached is the prospectus for all details pertaining to this auction Away from the primary auction, attached is the CBK weekly report to assist in your reading of the market while updated benchmark Yield Curve levels are ready for your perusal on the attached pricelist. I have also attached the NSE Implied Yields for the NSE’s valuations of all the treasuries. To bring it all together, below is a snapshot of what is at play within the secondary market for your consideration. For your trading activities ahead, below is a snapshot of what is available in the secondary market for your consideration. Happy hunting and bidding!   Below are the two-way quotes for the benchmark tenors:   Indicative Two-Way Quotes - Benchmark Tenors Benchmark Tenor Bid (%) Offer (%) Mov (t-t0)% 1Yr 10.30 9.90 0.00 2Yr 11.75 11.00 0.00 5yr 13.40 13.20 0.00 10yr 13.95 13.80 0.00 15yr 14.00 13.80 0.00 20yr 14.10 13.90 0.00 25yr 14.30 14.05 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 12.00 11.45 0.00 IFB1/2016/9 (IFB10) May-25 12.00 11.45 0.00 IFB1/2015/12 (IFB8) Mar-27 12.20 12.00 0.00 IFB1/2017/12 (IFB12) Feb-29 12.00 11.00 0.00 IFB1/2016/15 (IFB11) Oct-31 13.20 12.70 0.00 IFB1/2018/15 (IFB14) Jan-33 13.60 13.20 0.00 IFB1/2018/20 (IFB15) Oct-38 13.80 13.50 0.00 IFB1/2019/25 (IFB16) Feb-44 14.00 12.90 0.00 IFB1/2019/16 (IFB17) Oct-35 13.70 13.50 0.00 IFB1/2020/9 (IFB18) Apr-29 13.20 12.70 0.00 IFB1/2020/6 (IFB19) May-26 12.30 12.00 0.00 IFB1/2020/11 (IFB20) Aug-31 13.20 12.80 0.00 IFB1/2021/16 (IFB21) Jan-37 13.75 13.50 0.00 IFB1/2021/18 (IFB22) Mar-39 13.85 13.20 0.00 IFB1/2021/21 (IFB23) Aug-42 14.00 13.30 0.00 IFB1/2022/19 (IFB24) Jan-41 13.90 13.30 0.00 IFB1/2022/18 (IFB25) May-40 13.75 13.50 0.00 IFB1/2022/14 (IFB26) Oct-36 13.90 13.75 -0.05 IFB1/2022/6 (IFB27) Nov-28 13.30 13.00 0.00   Key  Interest Rates   Mov (bps) O/N Interbank 5.1079% 2.82 91 Day T-bill 9.275% 3.80 182 Day T-bill 9.752% 1.90 364 Day T-bill 10.225% 0.60 Inflation 9.48% -11.00     Attached are the bond positions available today, the NSE Implied Yields, the CBK Weekly Report and the December bond auction prospectus. Bond Positions Available Today NSE Implied Yields CBK Weekly Report December Bond Auction Trade Now View Previous Market Updates Share Tweet Share Copyright © 2022 Bespoke Securities Limited, All Rights Reserved.

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