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The Week in Focus: Performance of T-Bills, Bonds, Liquidity and Kenya Eurobonds

BY Soko Directory Team · April 29, 2019 05:04 am

T-Bills

T-bills were oversubscribed during the sessions last week, with the overall subscription rate increasing to 113.8 percent from 88.7 percent recorded the previous week.

The yield on the 91-day and 182-day papers remained unchanged at 7.3 percent and 8.0 percent respectively, while that of the 364-day paper declined to 9.3 percent from 9.4 percent recorded the previous week.

The acceptance rate improved to 95.3 percent from 87.1 percent recorded the previous week, with the government accepting a total of 26.0 billion shillings of the 27.3 billion shillings worth of bids received, higher than its weekly quantum of 24.0 billion shillings.

The subscription rate for the 91-day and the 182-day improved to 186.4 percent and 141.9 percent, from 104.0 percent and 46.8 percent recorded the previous week, while that of the 364-day paper declined to 56.6 percent from 124.4 percent recorded the previous week.

The Liquidity

The money market remained relatively tight during the week, with the average interbank rate increasing to 5.1 percent from 3.8 percent recorded the previous week.

The average volumes traded in the interbank market rose by 23.9 percent to 26.7 billion shillings from 18.8 billion shillings the previous week, as the markets recovered from tax payments coupled with banks propping up their reserves following the start of the new cash reserves requirement (CRR) cycle the previous week.

Kenya Eurobonds:

According to Bloomberg, the yield on the 10-year Eurobonds issued in 2014 rose by 0.1 percentage points to 6.3 percent from 6.2 percent, while that of the 5-year declined by 0.1 percentage points to 4.2 percent from 4.3 percent the previous week.

Since the mid-January 2016 peak, yields on the Kenyan Eurobonds have declined by 4.4 percentage points and 3.5 percentage points for the 5-year and 10-year Eurobonds, respectively, an indication of the relatively stable macroeconomic conditions in the country.

For the February 2018 Eurobond issue, during the week, the yields on 10-year Eurobond rose by 0.2 percentage points to 7.3 percent from 7.1 percent the previous week, while the yield on the 30-year Eurobond rose by 0.1 percentage points to 8.3 percent from 8.2 percent recorded the previous week. Since the issue date, the yields on the 10-year Eurobond have remained the same while those of the 30-year Eurobond has increased by 0.2 percentage points.

Soko Directory is a Financial and Markets digital portal that tracks brands, listed firms on the NSE, SMEs and trend setters in the markets eco-system. Find us on Facebook: facebook.com/SokoDirectory and on Twitter: twitter.com/SokoDirectory

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