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View this email in your browser Time to Bid Final day to submit your bids for the new 3Yr bond, FXD1/2023/3Yr. Below remains my expectation for how the auction will go: Average: 13.90% - 13.95% range Subscription: Bid volumes to reach the KES 20Bn target set by the CBK For your activities away from the auction, below is a snapshot of what is at play within the secondary market for your consideration. Happy hunting and best wishes for the auction ahead!   Below are the two-way quotes for the benchmark tenors:   Indicative Two-Way Quotes - Benchmark Tenors Benchmark Tenor Bid (%) Offer (%) Mov (t-t0)% 1Yr 11.50 11.00 0.00 2Yr 13.50 13.10 0.00 5yr 14.00 13.65 0.00 10yr 14.30 14.10 0.00 15yr 14.60 14.30 0.00 20yr 14.75 14.30 0.00 25yr 14.75 14.50 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 13.20 12.70 0.00 IFB1/2016/9 (IFB10) May-25 13.20 13.00 0.00 IFB1/2015/12 (IFB8) Mar-27 13.30 13.00 0.00 IFB1/2017/12 (IFB12) Feb-29 13.80 13.00 0.00 IFB1/2016/15 (IFB11) Oct-31 14.00 13.00 0.00 IFB1/2018/15 (IFB14) Jan-33 14.20 13.80 0.00 IFB1/2018/20 (IFB15) Oct-38 14.40 14.00 0.00 IFB1/2019/25 (IFB16) Feb-44 14.50 14.00 0.00 IFB1/2019/16 (IFB17) Oct-35 14.20 13.80 0.00 IFB1/2020/9 (IFB18) Apr-29 13.20 12.70 0.00 IFB1/2020/6 (IFB19) May-26 12.30 12.00 0.00 IFB1/2020/11 (IFB20) Aug-31 14.10 13.90 0.00 IFB1/2021/16 (IFB21) Jan-37 14.00 13.60 0.00 IFB1/2021/18 (IFB22) Mar-39 14.00 13.60 0.00 IFB1/2021/21 (IFB23) Aug-42 14.20 13.80 0.00 IFB1/2022/19 (IFB24) Jan-41 14.00 13.50 0.00 IFB1/2022/18 (IFB25) May-40 14.00 13.70 0.00 IFB1/2022/14 (IFB26) Oct-36 14.00 13.70 0.00 IFB1/2022/6 (IFB27) Nov-28 13.40 13.20 0.00 IFB1/2023/17 (IFB28) Feb-40 14.40 14.30 -0.02   Key  Interest Rates   Mov (bps) O/N Interbank 9.7196% -10.75 91 Day T-bill 10.318% 4.30 182 Day T-bill 10.678% 16.70 364 Day T-bill 11.170% 4.60 Central Bank Rate (CBR) 9.50% 75.00 Inflation 7.90% -129.00   Attached are the bond positions available today and the FXD1/2023/3Yr Bond Prospectus.   Bond Positions FXD1/2023/3Yr Trade Now View Previous Market Updates Share Tweet Share Copyright © 2022 Bespoke Securities Limited, All Rights Reserved.

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