Interest in the T-bill auction was quite high with a total of KES 53.96Bn in bids received by the Central Bank in a week where the maturities amounted to KES 21.277Bn. There has been a close relation between the bids received and the incoming maturities, so the difference this week points to a significant increase in liquidity levels in the market. The Central Bank accepted KES 29.237Bn of the bids received as they continue with their push to signal for lower rates by rejecting bids. 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. Happy hunting and enjoy the weekend ahead!
**Links to the attachments are below the note
Below are the two-way quotes for the benchmark tenors:
Indicative Two-Way Quotes - Benchmark Tenors
Benchmark Tenor
Bid (%)
Offer (%)
Mov (t-t0)%
1Yr
16.80
16.50
0.00
2Yr
17.50
17.00
0.00
5yr
18.00
17.70
0.00
10yr
17.00
16.70
0.00
15yr
16.50
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
15.50
15.00
0.00
IFB1/2016/9 (IFB10)
May-25
16.00
15.00
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
16.50
16.00
0.00
IFB1/2018/15 (IFB14)
Jan-33
16.50
16.00
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
16.50
16.20
0.00
IFB1/2020/9 (IFB18)
Apr-29
16.50
16.00
0.00
IFB1/2020/6 (IFB19)
May-26
16.50
16.00
0.00
IFB1/2020/11 (IFB20)
Aug-31
17.00
16.00
0.00
IFB1/2021/16 (IFB21)
Jan-37
17.00
16.50
0.00
IFB1/2021/18 (IFB22)
Mar-39
17.10
16.50
0.00
IFB1/2021/21 (IFB23)
Aug-42
17.20
16.50
0.00
IFB1/2022/19 (IFB24)
Jan-41
17.10
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
16.50
16.00
0.00
IFB1/2023/17 (IFB28)
Feb-40
16.40
16.00
0.00
IFB1/2023/7 (IFB29)
Jun-30
16.00
15.55
0.05
IFB1/2023/6.5 (IFB30)
May-30
16.00
15.50
0.10
IFB1/2024/8.5 (IFB31)
Aug-32
16.00
15.60
0.07
Key Interest Rates
Mov (bps)
O/N Interbank
12.7149%
-10.26
91 Day T-bill
15.6855%
-3.28
182 Day T-bill
16.4999%
-8.89
364 Day T-bill
16.7291%
-7.08
Central Bank Rate (CBR)
12.75%
-25.00
Inflation
3.60%
-80.00
Below are the links to the Bond positions available today, this week’s T-bill auction results and October’s bond auction prospectus.
