Last Call for the IFB
Bids must be submitted at the Central Bank of Kenya by 2.00 P.M. Not much changed in my expectations and for the final submission, below is how I see the auction playing out:
- Average of bids: 12.80% - 12.90%
- Subscription: KES 90Bn - KES 100Bn
- The feeling remains that the market will go into this auction with the aim of testing CBK’s resolve in regards to how far they are willing to go to lock in new funding.
Below is a snapshot of what is at play within the secondary market for your consideration. Happy hunting and bidding!
|
|
| Indicative Two-Way Quotes - Benchmark Tenors |
| Benchmark Tenor |
Bid (%) |
Offer (%) |
Mov (t-t0)% |
| 1Yr |
9.90 |
9.70 |
0.00 |
| 2Yr |
10.30 |
10.10 |
0.00 |
| 5yr |
11.45 |
11.35 |
0.00 |
| 10yr |
12.90 |
12.60 |
0.00 |
| 15yr |
13.00 |
12.80 |
0.00 |
| 20yr |
13.85 |
13.80 |
0.00 |
| 25yr |
13.90 |
13.70 |
0.00 |
|
|
| Indicative Two-Way Quotes - IFB Series |
| IFB series |
Maturity |
Bid (%) |
Offer (%) |
Mov (t-t0)% |
| IFB1/2017/7
(IFB13)
|
Nov-24 |
10.00 |
9.50 |
0.00 |
IFB1/2016/9
(IFB10) |
May-25 |
10.00 |
9.60 |
0.00 |
IFB1/2015/12
(IFB8) |
Mar-27 |
10.00 |
9.60 |
0.00 |
IFB1/2017/12
(IFB12) |
Feb-29 |
10.80 |
10.60 |
0.00 |
IFB1/2016/15
(IFB11) |
Oct-31 |
11.40 |
11.20 |
0.00 |
IFB1/2018/15
(IFB14) |
Jan-33 |
12.25 |
11.90 |
0.00 |
XIFB1/2018/20
(IFB15) |
Oct-38 |
12.00 |
11.80 |
0.00 |
IFB1/2019/25
(IFB16) |
Feb-44 |
12.50 |
12.20 |
0.00 |
IFB1/2019/16
(IFB17) |
Oct-35 |
12.35 |
12.15 |
0.00 |
IFB1/2020/9
(IFB18) |
Apr-29 |
11.30 |
11.00 |
0.00 |
IFB1/2020/6
(IFB19) |
May-26 |
10.10 |
9.70 |
0.00 |
IFB1/2020/11
(IFB20) |
Aug-31 |
12.30 |
12.00 |
0.00 |
IFB1/2021/16
(IFB21) |
Jan-37 |
12.45 |
12.30 |
0.00 |
IFB1/2021/18
(IFB22) |
Mar-39 |
12.55 |
12.30 |
0.00 |
IFB1/2021/21
(IFB23) |
Aug-42 |
12.80 |
12.60 |
0.00 |
|
|
| Key Interest Rates |
|
Mov (bps) |
| O/N Interbank |
4.3711% |
0.98 |
| 91 Day T-bill |
7.258% |
-5.90 |
| 182 Day T-bill |
8.108% |
1.30 |
| 364 Day T-bill |
9.668% |
7.40 |
| Inflation |
5.39% |
-34.00 |
|
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