The results of the re-opened FXD1/2023/10Yr and FXD1/2022/15Yr are with us and below is a quick summary. You will note that I was more bearish than the market when it came to how the auction played out, but we are adjusting the crystal ball to capture the market’s bullish stance. Below are the summarized results as promised:

• FXD1/2023/10Yr (8.5 years): 15.9724% average on the back of KES 10.286Bn in bids accepted from a total of KES 16.331Bn in bids received
• FXD1/2022/15Yr (12.5 years): 16.2986% average on the back of KES 15.397Bn in bids accepted from a total of KES 16.717Bn in bids received
• Subscription: the auction was oversubscribed as a total of KES 33.048Bn in bids was received, of which KES 25.683Bn was accepted by the Central Bank
• Note: Bids for the longer paper surpassed those of the shorter bond, pointing to the market’s bullish feel when it comes to the fixed income space. The Central Bank was also in a position to reject bids as they continue to strengthen their signal to the market for lower rates.

For your other trading activities for the day, below is a snapshot of what is at play within the secondary market for your consideration. Happy hunting!