Top 15 Money Market Funds For The Week According To Cytonn

In the money markets, 3-month bank placements closed the week at 7.5 percent during the week, “based on what we have been offered by various banks.”

The 91-day T-bill remained unchanged at 7.1 percent, similar to what was recorded the previous week according to the stats compiled by Cytonn Investments in their latest report.

Additionally, the average yield of the Top 5 Money Market Funds remained unchanged at 10.0 percent. The yield on the Cytonn Money Market fund declined marginally by 0.1 percent points to 10.5 percent from 10.6 percent recorded the previous week.

The table below shows the Money Market Fund Yields for Kenyan fund managers as published on 23^rd April 2021:

1. Cytonn Money Market Fund
2. Alphafrica Kaisha Money Market Fund
3. Zimele Money Market Fund
4. Nabo Africa Money Market Fund
5. GenCapHela Imara Money Market  Fund
6. Madison Money Market Fund
7. CIC Money Market  Fund
8. Sanlam Money Market Fund
9. Dry Associates Money Market  Fund
10. Co-op Money Market Fund
11. British-American Money Market  Fund
12. Apollo Money Market Fund
13. ICEA Lion Money Market  Fund
14. NCBA Money Market Fund
15. Old Mutual Money Market  Fund
16. AA Kenya Shilling

During the week, liquidity in the money markets tightened, with the average interbank rate increasing to 5.8 percent, from 5.0 percent recorded the previous week, mainly due to tax remittances which were partly offset by Government payments.

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Additionally, there was an 11.5 percent decrease in the average volumes traded in the interbank market to Kshs 11.2 bn, from Kshs 12.6 bn the previous week.

According to the Central Bank of Kenya’s weekly bulletin released on 23^rd April 2021, commercial banks’ excess reserves came in at 5.0 billion shillings in relation to the 4.25 percent Cash Reserve Ratio.

The yields on Eurobonds recorded mixed performance with the yields on the 10-year Eurobond issued in June 2014, the 10-year and 30-year Eurobonds issued in 2018 and the 7-year Eurobond issued in 2019 remaining unchanged at 3.2, 5.7, 7.6, and 5.0 percent respectively.

The yield on the 12-year Eurobond issued in 2019 increased by 0.1 percentage points to 6.7 percent, from 6.6 percent, recorded the previous week.