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View this email in your browser Funky Friday The sale-period of the incoming 3Yr bond, FXD1/2023/3Yr, closes next week Tuesday. At this time, we dust off the crystal ball and make predictions on how the auction will play out. My expectations are below: Average: 13.85% - 13.95% range Subscription: Bid volumes to reach the KES 20Bn target set by the CBK Attached is the bond prospectus to assist in your decision making process. I have also attached the inflation data for April 2023. The overall year-on-year inflation came in at 7.90%, a significant drop from March’s rate. Finally, 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 11.50 11.00 0.00 2Yr 13.50 13.10 0.00 5yr 14.00 13.65 0.00 10yr 14.30 14.10 0.00 15yr 14.30 14.00 0.00 20yr 14.50 14.00 0.00 25yr 14.50 14.20 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 13.00 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 14.20 13.80 0.00 IFB1/2018/20 (IFB15) Oct-38 14.40 14.00 0.00 IFB1/2019/25 (IFB16) Feb-44 14.50 14.00 0.00 IFB1/2019/16 (IFB17) Oct-35 14.20 13.80 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 14.10 13.90 0.00 IFB1/2021/16 (IFB21) Jan-37 14.00 13.60 0.00 IFB1/2021/18 (IFB22) Mar-39 14.00 13.60 0.00 IFB1/2021/21 (IFB23) Aug-42 14.20 13.80 0.00 IFB1/2022/19 (IFB24) Jan-41 14.00 13.50 0.00 IFB1/2022/18 (IFB25) May-40 14.00 13.70 0.00 IFB1/2022/14 (IFB26) Oct-36 14.00 13.70 0.00 IFB1/2022/6 (IFB27) Nov-28 13.40 13.20 0.00 IFB1/2023/17 (IFB28) Feb-40 14.40 14.35 0.00   Key  Interest Rates   Mov (bps) O/N Interbank 9.7281% 14.67 91 Day T-bill 10.318% 4.30 182 Day T-bill 10.678% 16.70 364 Day T-bill 11.170% 4.60 Central Bank Rate (CBR) 9.50% 75.00 Inflation 7.90% -129.00   Attached are the bond positions available today, the T-bill auction results, inflation data for April 2023 and the FXD1/2023/3Yr Bond Prospectus.   Bond Positions T-bill Auction Results Inflation Data FXD1/2023/3Yr Trade Now View Previous Market Updates Share Tweet Share Copyright © 2022 Bespoke Securities Limited, All Rights Reserved.

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