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View this email in your browser The Last Auction The results of the re-opened FXD1/2008/20Yr and the FXD1/2022/25Yr bonds are with us and below is a quick summary of how things went: FXD1/2008/20Yr (5.6 years): average of 13.830% on the back of KES 17.265Bn in bids accepted from a total of KES 17.322Bn received FXD1/2022/25Yr (24.9 years): average of 14.439% on the back of KES 7.068Bn in bids accepted from a total of KES 13.239Bn received Subscription and Acceptance: Auction was under-subscribed with a total of KES 30.562Bn in bids submitted, and the CBK accepting KES 24.333Bn. This fell short of the targeted KES 40Bn set for this auction. The CBK picked more of the shorter bond, the FXD1/2008/20Yr, as they looked to mitigate the push for higher rates on the longer dated bond. Attached are the results in full for your perusal. For your trading activities ahead, below is a snapshot of what is available in the secondary market for your consideration. Happy post-auction 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 10.30 9.90 0.00 2Yr 11.75 11.00 0.00 5yr 13.70 13.50 0.30 10yr 13.95 13.80 0.00 15yr 14.00 13.80 0.00 20yr 14.10 13.90 0.00 25yr 14.50 14.30 0.23   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 13.50 0.15 IFB1/2021/21 (IFB23) Aug-42 14.00 13.50 0.10 IFB1/2022/19 (IFB24) Jan-41 13.90 13.50 0.10 IFB1/2022/18 (IFB25) May-40 13.75 13.50 0.00 IFB1/2022/14 (IFB26) Oct-36 13.90 13.80 0.00 IFB1/2022/6 (IFB27) Nov-28 13.30 13.15 0.00   Key  Interest Rates   Mov (bps) O/N Interbank 5.0558% -11.36 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 and the December bond auction results (Re-opened FXD1/2008/20Yr and FXD1/2022/25Yr). Bond Positions Available Today December bond auction results (Re-opened FXD1/2008/20Yr and FXD1/2022/25Yr) Trade Now View Previous Market Updates Share Tweet Share Copyright © 2022 Bespoke Securities Limited, All Rights Reserved.

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