Kenya Bond Market Update: 18 July 2024

Published on
July 18, 2024
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Results Are In

 

The results of the re-opened FXD1/2024/10Yr & FXD1/2008/20Yr have been published and are attached for your perusal. A quick summary of how things went can be found below:

  • FXD1/2024/10Yr (9.7 years): 16.5923% average from KES 6.752Bn in bids accepted by the Central Bank.
  • FXD1/2008/20Yr (3.9 years): 18.2904% average from KES 3.014Bn in bids accepted by the Central Bank.
  • Subscription: The auction was significantly undersubscribed with Central Bank receiving KES 14.682Bn in bids, well short of their KES 30Bn target. From this, the Central Bank accepted KES 9.766Bn in a bid to mitigate market’s push for higher rates.

For your trading activities for today, 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 17.20 16.85 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 15.25 15.00 0.00
IFB1/2016/9 (IFB10) May-25 15.25 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 16.00 15.50 0.00
IFB1/2018/15 (IFB14) Jan-33 15.50 15.00 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 15.50 15.20 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 17.05 16.00 0.00
IFB1/2021/16 (IFB21) Jan-37 15.80 15.50 0.00
IFB1/2021/18 (IFB22) Mar-39 16.50 16.00 0.00
IFB1/2021/21 (IFB23) Aug-42 16.50 16.00 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 17.30 16.00 0.00
IFB1/2023/7 (IFB29) Jun-30 16.90 16.20 0.00
IFB1/2023/6.5 (IFB30) May-30 18.00 17.70 0.00
IFB1/2024/8.5 (IFB31) Aug-32 18.00 17.90 0.00
 
 
Key  Interest Rates   Mov (bps)
O/N Interbank 13.1655% 0.35
91 Day T-bill 15.9954% 0.86
182 Day T-bill 16.8221% 2.69
364 Day T-bill 16.8795% 4.96
Central Bank Rate (CBR) 13.00% 0.00
Inflation 4.60% -50.00
Attached are the bond positions available today and the bond auction results of the re-opened FXD1/2024/10Yr & FXD1/2008/20Yr..
Bond Positions
Bond Auction Results of the Re-opened FXD1/2024/10Yr & FXD1/2008/20Yr.
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