This year’s weekend, aka December, is upon us. Things slow down as the celebratory spirits get to work on us. Wishing you and yours the very best in this final chapter of 2023.
On work related matters, attached are the T-bill auction results from this week’s auction and again, no surprises in how the market bid. Inflation data for November 2023 has been attached. Overall year-on-year inflation came in at 6.80%, a 10bp decline from October’s number.
Below is a snapshot of what is at play within the secondary market for your consideration. Happy hunting!
Below are the two-way quotes for the benchmark tenors:
Indicative Two-Way Quotes - Benchmark Tenors
Benchmark Tenor
Bid (%)
Offer (%)
Mov (t-t0)%
1Yr
16.25
15.75
0.00
2Yr
18.00
17.75
-0.15
5yr
18.50
18.50
-0.20
10yr
17.00
16.50
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
15.50
15.00
0.00
IFB1/2015/12 (IFB8)
Mar-27
13.80
13.70
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
15.50
15.00
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
14.75
14.50
0.00
IFB1/2020/6 (IFB19)
May-26
13.50
12.75
0.00
IFB1/2020/11 (IFB20)
Aug-31
15.50
15.00
0.00
IFB1/2021/16 (IFB21)
Jan-37
17.00
16.50
0.20
IFB1/2021/18 (IFB22)
Mar-39
17.00
16.50
0.30
IFB1/2021/21 (IFB23)
Aug-42
17.00
16.00
0.25
IFB1/2022/19 (IFB24)
Jan-41
17.00
16.50
0.75
IFB1/2022/18 (IFB25)
May-40
17.00
16.50
0.75
IFB1/2022/14 (IFB26)
Oct-36
17.00
16.50
0.75
IFB1/2022/6 (IFB27)
Nov-28
17.00
16.00
1.25
IFB1/2023/17 (IFB28)
Feb-40
17.00
16.50
0.75
IFB1/2023/7 (IFB29)
Jun-30
16.50
16.00
0.20
IFB1/2023/6.5 (IFB30)
May-30
17.85
17.80
-0.03
Key Interest Rates
Mov (bps)
O/N Interbank
10.7978%
-24.41
91 Day T-bill
15.5293%
8.67
182 Day T-bill
15.5504%
10.59
364 Day T-bill
15.7266%
14.38
Central Bank Rate (CBR)
10.50%
0.00
Inflation
6.80%
-10.00
Attached are the bond positions available today, Inflation data for November 2023, the T-bill auction results for this week and the IFB1/2023/6.5Yr Tap Sale Prospectus.
