Kenya Bond Market Update: 15 August 2024

Published on
August 15, 2024
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Results!

 

Results came in hot and below is a quick summary of how things went:

  • IFB1/2023/6.5Yr: 18.2989% average on the back of KES 74.167Bn in accepted bids from a total of KES 96.861Bn in bids received
  • IFB1/2023/17Yr: 17.7279% average on the back of KES 14.530Bn in accepted bids from a total of KES 29.460Bn in bids received
  • Subscription: a healthy oversubscription with KES 126.322Bn in bids received, with bids heavily skewed towards the IFB1/2023/6.5Yr. The CBK accepted KES 88.698Bn
  • Crystal Ball Score: 77% as the IFB1/2023/17Yr was where the crystal ball malfunctioned a bit.

Attached are the results in full for your perusal. Away from the auction results, we have some trading to do. To help you out with this, 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 17.65 17.35 0.55
IFB1/2023/7 (IFB29) Jun-30 16.90 16.20 0.00
IFB1/2023/6.5 (IFB30) May-30 18.00 17.90 -0.10
IFB1/2024/8.5 (IFB31) Aug-32 18.30 18.00 -0.10
 
Key  Interest Rates   Mov (bps)
O/N Interbank 12.8373% -4.50
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 and the IFB1/2023/6.5Yr & IFB1/2023/17Yr auction results..
Bond Positions
IFB1/2023/6.5Yr & IFB1/2023/17Yr auction results.
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