Kenya Bond Market Update: 17 Septembert 2024

Published on
September 17, 2024
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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 for the bonds are as follows:

  •  FXD1/2024/10Yr: average within the range of 16.60% - 16.70%
  •  FXD1/2016/20Yr: average within the range of 17.00% - 17.20%
  • Subscription: my ‘guesstimation’ is that the CBK will receive bids that just about matches their target

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 17.10 16.90 -0.35
IFB1/2023/7 (IFB29) Jun-30 17.00 16.50 -0.10
IFB1/2023/6.5 (IFB30) May-30 17.00 16.70 -0.35
IFB1/2024/8.5 (IFB31) Aug-32 17.00 16.70 -0.30
 
 
Key  Interest Rates   Mov (bps)
O/N Interbank 12.6832% 3.85
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 and the September 2024 Bond Prospectus.
Bond Positions
September 2024 Bond Prospectus
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