Kenya Bond Market Update: 16 Septembert 2024

Published on
September 16, 2024
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Auction Week 

 

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.
Bond Positions
NSE Implied Yields
CBK Weekly Report
T-bill Auction Results
September 2024 Bond Prospectus
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