Kenya Bond Market Update: 8 November 2022

Published on
November 8, 2022
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Last Call for the IFB1/2022/14Yr

 
Bids for the IFB1/2022/14Yr must be submitted at the Central bank of Kenya by 2.00 P.M. A quick reminder of my expectations below:
·         Accepted Average: 13.85% – 13.95%
·         Subscription: Oversubscribed
Apart from all the bidding you will be doing for the primary auction, 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 10.20 9.90 0.00
2Yr 11.75 11.00 0.00
5yr 13.40 13.10 0.00
10yr 13.95 13.80 0.00
15yr 14.00 13.80 0.00
20yr 14.10 13.90 0.00
25yr 14.20 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 0.25
IFB1/2019/25 (IFB16) Feb-44 14.00 12.90 0.00
IFB1/2019/16 (IFB17) Oct-35 13.70 13.50 0.20
IFB1/2020/9 (IFB18) Apr-29 13.00 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 0.25
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 13.80 13.45 0.00

Key  Interest Rates   Mov (bps)
O/N Interbank 4.3916% -2.28
91 Day T-bill 9.139% 1.20
182 Day T-bill 9.691% 1.30
364 Day T-bill 10.109% 14.40
Inflation 9.59% 41.00
 
 
Attached are the bond positions available today and the IFB1/2022/14Yr Prospectus.
Bond Positions Available Today
Bond Prospectus - November 2022
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