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View this email in your browser Thursday Things The CBK has adjusted their bond auction target for this month from KES 55Bn to KES 35Bn. This should assist the CBK in mitigating the expected push for higher rates of return by investors. Attached is the updated prospectus for your perusal as you prepare your bids. Not much else to report but as always, below is a snapshot of what is at play for your consideration in the secondary space. 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 17.45 17.30 0.00 5yr 18.10 17.90 0.00 10yr 17.00 16.50 0.00 15yr 17.00 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 14.00 13.00 0.00 IFB1/2017/12 (IFB12) Feb-29 15.00 14.00 0.00 IFB1/2016/15 (IFB11) Oct-31 15.00 14.00 0.00 IFB1/2018/15 (IFB14) Jan-33 15.00 14.50 0.00 IFB1/2018/20 (IFB15) Oct-38 16.00 15.00 0.00 IFB1/2019/25 (IFB16) Feb-44 16.50 15.00 0.00 IFB1/2019/16 (IFB17) Oct-35 16.00 15.00 0.00 IFB1/2020/9 (IFB18) Apr-29 14.50 14.00 0.00 IFB1/2020/6 (IFB19) May-26 13.00 12.00 0.00 IFB1/2020/11 (IFB20) Aug-31 15.75 15.00 0.00 IFB1/2021/16 (IFB21) Jan-37 15.75 15.00 0.00 IFB1/2021/18 (IFB22) Mar-39 15.70 15.00 0.00 IFB1/2021/21 (IFB23) Aug-42 16.50 15.30 0.00 IFB1/2022/19 (IFB24) Jan-41 15.50 15.00 0.00 IFB1/2022/18 (IFB25) May-40 15.80 15.00 0.00 IFB1/2022/14 (IFB26) Oct-36 16.00 15.00 0.00 IFB1/2022/6 (IFB27) Nov-28 13.30 13.20 0.00 IFB1/2023/17 (IFB28) Feb-40 15.90 15.50 0.00 IFB1/2023/7 (IFB29) Jun-30 15.90 15.70 0.00   Key  Interest Rates   Mov (bps) O/N Interbank 12.0541% -14.31 91 Day T-bill 14.8206% 3.40 182 Day T-bill 14.9499% 1.00 364 Day T-bill 15.0544% -16.70 Central Bank Rate (CBR) 10.50% 0.00 Inflation 6.80% 10.00   Attached are the bond positions available today and the bond auction prospectus for October 2023.   Bond Positions Bond Auction Prospectus Trade Now View Previous Market Updates Share Tweet Share Copyright © 2022 Bespoke Securities Limited, All Rights Reserved.

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