Kenya Bond Market Update: 21 March 2024

Published on
March 21, 2024
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Results Loaded 

 
The auction results for the re-opened FXD1/2023/5Yr and new FXD1/2024/10Yr have been attached for your perusal. For a quick summary, below is how things went:
  • FXD1/2023/5Yr (4.3 years): Average of 18.4100% from KES 17.766Bn in bids accepted from a total of KES 35.848Bn bids received
  • FXD1/2024/10Yr (10 years): Average of 16.5189% from KES 4.838Bn in bids accepted from a total of KES 23.885Bn bids received
  • Subscription: An oversubscription as a total of KES 59.733Bn in bids was received, well above the KES 40Bn target set. The CBK only accepted KES 22.605Bn as they come in to aggressively signal to the market that they will no longer entertain market’s push for higher yields.
For your other trading activities for the day, 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 16.80 0.00
2Yr 18.40 18.00 0.00
5yr 18.60 18.20 0.00
10yr 16.50 16.00 -0.25
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 15.75 15.50 0.00
IFB1/2016/9 (IFB10) May-25 15.85 15.75 0.00
IFB1/2015/12 (IFB8) Mar-27 14.50 14.00 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 14.75 14.50 0.00
IFB1/2020/6 (IFB19) May-26 13.50 12.75 0.00
IFB1/2020/11 (IFB20) Aug-31 17.50 16.75 0.00
IFB1/2021/16 (IFB21) Jan-37 17.00 16.00 0.00
IFB1/2021/18 (IFB22) Mar-39 17.00 16.00 0.00
IFB1/2021/21 (IFB23) Aug-42 17.00 16.00 0.00
IFB1/2022/19 (IFB24) Jan-41 17.00 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 17.00 16.00 0.00
IFB1/2023/17 (IFB28) Feb-40 16.50 16.00 0.00
IFB1/2023/7 (IFB29) Jun-30 16.50 16.00 0.00
IFB1/2023/6.5 (IFB30) May-30 16.90 16.70 0.00
IFB1/2024/8.5 (IFB31) Aug-32 16.90 16.80 0.00
 
 
Key Interest Rates   Mov (bps)
O/N Interbank 13.4880% 6.45
91 Day T-bill 16.6976% 3.79
182 Day T-bill 16.8900% 4.23
364 Day T-bill 16.9889% 0.44
Central Bank Rate (CBR) 13.00% 50.00
Inflation 6.60% -30.00
Attached are the bond positions available today and the FXD1/2023/5 & FXD1/2024/10 auction results. 
Bond Positions
FXD1/2023/5 & FXD1/2024/10 Auction Results
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