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View this email in your browser  Day 2, how we do! Sale period for the FXD1/2020/5Yr closes today. Please make sure your bids are submitted in good time. The CBK’s cut-off time for receiving bids is 2.00 P.M. There are no changes to my expectations and as a quick reminder, below is how I see it playing out:  FXD1/2020/5Yr (3.4 years): average of 11.05% - 11.15%, with the cut-off to come in 15 - 20bps away from the average. I have attached inflation data for December 2021, where the overall year on year inflation came in at 5.73%.  Below is a snapshot of what is at play within the secondary market. Happy hunting and wishing you the best with this auction!    Indicative Two-Way Quotes - Benchmark Tenors Benchmark Tenor Bid (%) Offer (%) Mov (t-t0)% 1Yr 9.20 8.80 0.00 2Yr 10.30 10.00 0.00 5yr 11.50 11.35 0.00 10yr 12.70 12.55 0.00 15yr 13.00 12.80 0.00 20yr 13.50 13.30 0.00 25yr 13.70 13.60 0.00   Indicative Two-Way Quotes - IFB Series IFB series Maturity Bid (%) Offer (%) Mov (t-t0)% IFB1/2017/7 (IFB13) Nov-24 9.90 9.50 0.00 IFB1/2016/9 (IFB10) May-25 10.00 9.60 0.00 IFB1/2015/12 (IFB8) Mar-27 10.00 9.35 0.00 IFB1/2017/12 (IFB12) Feb-29 10.80 10.60 0.00 IFB1/2016/15 (IFB11) Oct-31 11.40 11.20 0.00 IFB1/2018/15 (IFB14) Jan-33 12.20 11.80 0.00 XIFB1/2018/20 (IFB15) Oct-38 12.00 11.80 0.00 IFB1/2019/25 (IFB16) Feb-44 12.50 12.15 0.00 IFB1/2019/16 (IFB17) Oct-35 12.40 12.10 0.00 IFB1/2020/9 (IFB18) Apr-29 11.10 10.90 0.00 IFB1/2020/6 (IFB19) May-26 10.00 9.70 0.00 IFB1/2020/11 (IFB20) Aug-31 12.00 11.70 0.00 IFB1/2021/16 (IFB21) Jan-37 12.30 12.20 0.00 IFB1/2021/18 (IFB22) Mar-39 12.45 12.25 0.00 IFB1/2021/21 (IFB23) Aug-42 12.55 12.45 0.00   Key  Interest Rates   Mov (bps) O/N Interbank 4.5790% -37.31 91 Day T-bill 7.271% 0.70 182 Day T-bill 8.095% 11.30 364 Day T-bill 9.367% 10.20 Inflation 5.73% -7.00   Bond Positions Available Today Inflation Statistics - December 2021 Bond Auction Prospectus- January 2022 Trade Now MATHANGANI KARIUKI Director | Bespoke Securities Director, Interest Rates | AKN Investments +254 (0) 732472655 Eikon Messenger:  mathanganik@bespokesecurities.co.ke View Previous Market Updates Share Tweet Share Copyright © 2021 Bespoke Securities Limited, All Rights Reserved.

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