Go outside and give one a hug, but also, please do not. Celebrate these magnificent beasts from a safe distance. To set you up for the week ahead, attached is the CBK weekly report to assist in your reading of the market while updated benchmark Yield Curve levels are ready for your perusal on the attached pricelist. I have also attached the NSE Implied Yields for the NSE’s valuations of all the treasuries. Please take note of the significant changes in the Infrastructure Bond valuations published by the NSE, especially given that we have two re-opened infrastructure bonds being auctioned this week. My expectation for this auction will be shared in tomorrow’s note. To bring it all together, 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
17.50
17.00
0.00
2Yr
18.00
17.70
0.00
5yr
18.50
18.00
0.00
10yr
16.50
16.00
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
16.50
16.00
0.00
IFB1/2021/18 (IFB22)
Mar-39
16.50
16.30
0.00
IFB1/2021/21 (IFB23)
Aug-42
16.70
16.50
0.00
IFB1/2022/19 (IFB24)
Jan-41
17.30
16.00
0.00
IFB1/2022/18 (IFB25)
May-40
16.60
16.00
0.00
IFB1/2022/14 (IFB26)
Oct-36
16.60
16.00
0.00
IFB1/2022/6 (IFB27)
Nov-28
16.50
16.00
0.00
IFB1/2023/17 (IFB28)
Feb-40
17.30
16.00
0.00
IFB1/2023/7 (IFB29)
Jun-30
16.90
16.20
0.00
IFB1/2023/6.5 (IFB30)
May-30
18.30
17.90
0.00
IFB1/2024/8.5 (IFB31)
Aug-32
18.50
18.10
-0.05
Key Interest Rates
Mov (bps)
O/N Interbank
13.0367%
-9.36
91 Day T-bill
15.8177%
-17.07
182 Day T-bill
16.7148%
-13.54
364 Day T-bill
16.9141%
-0.65
Central Bank Rate (CBR)
12.75%
-25.00
Inflation
4.30%
-20.00
Attached are the bond positions available today, NSE Implied Yields, CBK Weekly Report and the August bond auction prospectus.
