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View this email in your browser Change?   Is there change in the air? To me, it smells a little bit like positivity. If the recent Infrastructure Bond’s performance is anything to go by, investor’s sentiments seem to be showing signs of positivity when it comes to Kenya’s debt space. Is this something you agree with or do you think it may just be passing cloud? As we draw closer to this month’s bond auction that is giving us a new infrastructure bond, I will work on formulating my expectations and advise once done. For your trades for the day ahead, 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 16.80 16.50 0.00 2Yr 18.35 18.00 0.00 5yr 18.90 18.40 0.00 10yr 17.00 16.50 0.00 15yr 16.50 16.00 0.00 20yr 16.50 16.00 0.00 25yr 16.30 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 16.00 15.50 0.00 IFB1/2016/9 (IFB10) May-25 16.00 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 15.00 14.50 0.00 IFB1/2020/6 (IFB19) May-26 14.50 13.75 0.00 IFB1/2020/11 (IFB20) Aug-31 15.50 15.00 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 15.75 15.25 0.00 IFB1/2023/7 (IFB29) Jun-30 17.00 16.30 0.00 IFB1/2023/6.5 (IFB30) May-30 17.40 17.20 0.05   Key  Interest Rates   Mov (bps) O/N Interbank 13.3088% -1.55 91 Day T-bill 16.3747% 8.44 182 Day T-bill 16.5058% 13.02 364 Day T-bill 16.6801% 15.76 Central Bank Rate (CBR) 13.00% 50.00 Inflation 6.90% 30.00   Attached are the bond positions available today and the IFB1/2024/8.5Yr Bond Prospectus. Bond Positions IFB1/2024/8.5Yr Bond Prospectus Trade Now View Previous Market Updates Share Tweet Share Copyright © 2022 Bespoke Securities Limited, All Rights Reserved.

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