Kenya Bond Market Update: 13 June 2024

Published on

June 13, 2024

*|MC:SUBJECT|*

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The auction results of the re-opened FXD1/2023/5Yr and FXD1/2023/10Yrare with us and below is a quick summary of how things went:

FXD1/2023/5Yr (4.1 years): average of 18.1645% on the back of KES 22.586Bn in bids accepted from a total of KES 31.942Bn in bids received
FXD1/2023/10Yr (8.7 years): average of 16.3924% on the back of KES 7.583Bn in bids accepted from a total of KES 9.616Bn in bids received
Subscription: Significantly oversubscribed with a total of KES 41.559Bn in bids received, with the CBK accepting KES 30.170Bn.

For your trading activities ahead, 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	17.00	16.85	0.00
2Yr	17.50	17.00	0.00
5yr	18.00	17.50	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	15.25	15.00	0.00
IFB1/2016/9 (IFB10)	May-25	15.25	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	16.00	15.50	0.00
IFB1/2018/15 (IFB14)	Jan-33	15.50	15.00	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	15.50	15.20	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	17.05	16.00	0.23
IFB1/2021/16 (IFB21)	Jan-37	15.80	15.50	0.00
IFB1/2021/18 (IFB22)	Mar-39	16.50	16.00	0.00
IFB1/2021/21 (IFB23)	Aug-42	16.50	16.00	0.00
IFB1/2022/19 (IFB24)	Jan-41	17.30	16.00	0.15
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	0.20
IFB1/2023/7 (IFB29)	Jun-30	16.90	16.20	0.00
IFB1/2023/6.5 (IFB30)	May-30	16.70	16.40	0.00
IFB1/2024/8.5 (IFB31)	Aug-32	17.05	16.80	0.00

Attached are the bond positions and the Auction Results for the re-opened FXD1/2023/5Yr & FXD1/2023/10Yr.

Bond Positions

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