Kenya Bond Market Update: 3 May 2024

Published on
May 3, 2024
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May it be Friday

 
The re-opened FXD1/2014/10Yr results have been attached for your perusal but below is a quick summary of how things went:
  • Average: 16.2273%
  • Subscription: Undersubscribed as KES 14.797Bn in bids submitted, short of the KES 25Bn target set. The CBK accepted KES 10.995Bn of the bids received.
  • Conclusion: The CBK continues to focus on the rates as they forego some bids in a bid to manage the rates.
This week’s T-bill auction results have been attached for your perusal. A summary of the inflation data from the CBK for April 2024 has also been attached. The inflation report from KNBS is yet to be uploaded but this will be shared once available. The year-on-year inflation for April 2024 came in at 5.0%, a drop from March’s level of 5.7%. To assist you in your FI dealings, 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 17.00 16.50 0.00
2Yr 17.50 17.00 0.00
5yr 18.00 17.60 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 15.75 15.50 0.00
IFB1/2016/9 (IFB10) May-25 15.85 15.75 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 17.50 17.20 0.00
IFB1/2020/6 (IFB19) May-26 17.50 17.10 0.00
IFB1/2020/11 (IFB20) Aug-31 17.50 17.20 0.00
IFB1/2021/16 (IFB21) Jan-37 16.50 16.00 0.00
IFB1/2021/18 (IFB22) Mar-39 17.00 16.50 0.00
IFB1/2021/21 (IFB23) Aug-42 17.00 16.50 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 17.50 17.20 0.00
IFB1/2023/17 (IFB28) Feb-40 16.50 16.00 0.00
IFB1/2023/7 (IFB29) Jun-30 16.90 16.20 0.00
IFB1/2023/6.5 (IFB30) May-30 17.10 16.90 0.00
IFB1/2024/8.5 (IFB31) Aug-32 17.20 16.90 0.05
 
 
Key Interest Rates   Mov (bps)
O/N Interbank 13.8349% -5.18
91 Day T-bill 15.8652% 4.20
182 Day T-bill 16.4875% 2.75
364 Day T-bill 16.4952% 0.28
Central Bank Rate (CBR) 13.00% 0.00
Inflation 5.00% -70.00
Attached are the bond positions available today, Re-opened FXD1/2024/10Yr auction results, T-bill auction results from this week and the inflation data (summary) for April 2024.
Bond Positions
Re-opened FXD1/2024/10Yr Auction Results
T-bill Auction Results
Inflation Data (Summary) for April 2024
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