As we close of this month of May, the Central Bank has published the bond auction prospectus for June 2024. Below is a quick summary of what’s in store, and the options are plenty:
FXD1/2023/2Yr (1.2 years) & FXD1/2024/3Yr (2.6 years): KES 30Bn target set, auction date is 05-June-2024
FXD1/2023/5Yr (4.1 years) & FXD1/2023/10Yr (8.7 years): KES 30Bn target set, auction date is 12-June-2024
The Central Bank has structured the June primary play into two separate auctions, as highlighted above
Attached is the bond prospectus for all the required details
The T-bill auction results for this week are attached for your perusal. No significant changes in the T-bill space. Marginal increases in the rates across the three T-bills as the Central Bank chooses to absorb the bids received even if the auction is oversubscribed and the maturities in play being way below the amount absorbed. Finally, 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
16.70
0.10
2Yr
17.00
16.75
0.00
5yr
18.00
17.50
0.00
10yr
16.50
16.10
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
16.50
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
16.60
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
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
16.85
16.70
0.00
IFB1/2024/8.5 (IFB31)
Aug-32
17.00
16.85
0.00
Key Interest Rates
Mov (bps)
O/N Interbank
13.4085%
-9.96
91 Day T-bill
15.9545%
0.92
182 Day T-bill
16.6076%
4.38
364 Day T-bill
16.7061%
8.30
Central Bank Rate (CBR)
13.00%
0.00
Inflation
5.00%
-70.00
Attached are the bond positions available today, the T-bill auction results and the June 2024 Bond Auction Prospectus.
