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View this email in your browser Hi there Weekend   Heavy maturities made for an oversubscribed T-bill auction as a total of KES 51.120Bn in bids was received by the Central Bank, who accepted KES 48.757Bn. No changes in the bidding behavior as the maturities continue to determine demand, interest remains heavily skewed to the 91D T-bill and the market continues to push for higher yields as the 17% mark draws ever closer. Attached are the results in full for your perusal. Below is a snapshot of what is at play within the secondary market for your consideration. Next week, we tackle the upcoming IFB1/2024/8.5Yr bond auction. Happy hunting and weekending ahead!   Below are the two-way quotes for the benchmark tenors:   Indicative Two-Way Quotes - Benchmark Tenors Benchmark Tenor Bid (%) Offer (%) Mov (t-t0)% 1Yr 17.00 16.70 0.15 2Yr 18.35 18.00 0.00 5yr 18.90 18.40 0.00 10yr 17.00 16.50 0.00 15yr 16.50 16.00 0.00 20yr 16.50 16.00 0.00 25yr 16.30 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 16.00 15.50 0.00 IFB1/2016/9 (IFB10) May-25 17.00 16.75 0.00 IFB1/2015/12 (IFB8) Mar-27 15.50 15.00 0.00 IFB1/2017/12 (IFB12) Feb-29 16.00 15.00 0.00 IFB1/2016/15 (IFB11) Oct-31 16.00 15.50 0.00 IFB1/2018/15 (IFB14) Jan-33 15.50 15.00 0.00 IFB1/2018/20 (IFB15) Oct-38 16.50 16.00 0.00 IFB1/2019/25 (IFB16) Feb-44 16.50 16.00 0.00 IFB1/2019/16 (IFB17) Oct-35 15.50 15.20 0.00 IFB1/2020/9 (IFB18) Apr-29 15.00 14.50 0.00 IFB1/2020/6 (IFB19) May-26 14.50 13.75 0.00 IFB1/2020/11 (IFB20) Aug-31 17.50 16.75 0.00 IFB1/2021/16 (IFB21) Jan-37 17.00 16.00 0.00 IFB1/2021/18 (IFB22) Mar-39 17.00 16.00 0.00 IFB1/2021/21 (IFB23) Aug-42 17.00 16.00 0.00 IFB1/2022/19 (IFB24) Jan-41 17.00 16.50 0.00 IFB1/2022/18 (IFB25) May-40 17.00 16.50 0.00 IFB1/2022/14 (IFB26) Oct-36 17.00 16.50 0.00 IFB1/2022/6 (IFB27) Nov-28 17.00 16.00 0.00 IFB1/2023/17 (IFB28) Feb-40 17.00 16.25 0.00 IFB1/2023/7 (IFB29) Jun-30 17.00 16.30 0.00 IFB1/2023/6.5 (IFB30) May-30 17.35 17.20 -0.02   Key  Interest Rates   Mov (bps) O/N Interbank 13.2180% -9.08 91 Day T-bill 16.5038% 12.91 182 Day T-bill 16.6331% 12.73 364 Day T-bill 16.8574% 17.73 Central Bank Rate (CBR) 13.00% 50.00 Inflation 6.90% 30.00   Attached are the bond positions available today, the T-bill auction results and the IFB1/2024/8.5Yr Bond Prospectus.   Bond Positions T-bill Auction Results IFB1/2024/8.5Yr Bond Prospectus Trade Now View Previous Market Updates Share Tweet Share Copyright © 2022 Bespoke Securities Limited, All Rights Reserved.

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