The Central Bank will be re-opening both the FXD1/2024/10Yr (9.5 years) and the FXD1/2016/20Yr (12.5 years) in a bid to raise KES 30Bn. The sale period ends on Wednesday, 18-Sep-2024. My expectations will be provided in tomorrow’s note but attached is the prospectus if in need of any information. 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. To bring it all together, below is a snapshot of what is at play within the secondary market for your consideration. Happy hunting!
**Links to the attachments below the note (please let me know what you think of this change)
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
16.80
0.00
2Yr
18.00
17.50
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
17.00
16.50
0.00
IFB1/2021/18 (IFB22)
Mar-39
17.10
16.50
0.00
IFB1/2021/21 (IFB23)
Aug-42
17.20
16.50
0.00
IFB1/2022/19 (IFB24)
Jan-41
17.10
16.50
0.00
IFB1/2022/18 (IFB25)
May-40
17.00
16.50
0.00
IFB1/2022/14 (IFB26)
Oct-36
17.00
16.50
0.00
IFB1/2022/6 (IFB27)
Nov-28
16.50
16.00
0.00
IFB1/2023/17 (IFB28)
Feb-40
17.40
17.30
-0.15
IFB1/2023/7 (IFB29)
Jun-30
17.30
16.70
0.00
IFB1/2023/6.5 (IFB30)
May-30
17.55
17.30
-0.10
IFB1/2024/8.5 (IFB31)
Aug-32
17.55
17.30
-0.10
Key Interest Rates
Mov (bps)
O/N Interbank
12.6447%
-1.64
91 Day T-bill
15.7502%
-1.75
182 Day T-bill
16.6248%
-0.07
364 Day T-bill
16.8168%
-0.60
Central Bank Rate (CBR)
12.75%
-25.00
Inflation
4.40%
10.00
Attached are the bond positions available today the NSE Implied Yields the CBK Weekly Report, the T-bill auction results from last week and the September 2024 Bond Prospectus.
