Daily Fixed Income & Money Market Update 24th November 2014

Secondary Market Activity

27 Jul 14

26 Aug 14

25 Sep 14

25 Oct 14

Volumes

Source: NSE,Genghis Research

*Derived from market demand and supply

Source: CBK,Genghis Research

9.21%
125.69%
10.21%
120.78%

5-Nov -14

2-Jul-14

23-Jul-14

11-Jun-14

source: Bloomberg, Genghis Research

90.18

89

88
87
86
85
84

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decisions or any other matter and that this document does not constitute a distribution recommending the purchase or sale of any security or portfolio. Please note that past performance is no indication of
future results. The ideas expressed in the document are solely the opinions of the author at the time of publication and are subject to change without notice. Although the author has made every effort to
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or advertisement is ultimately your responsibility.

Nov-14

83

Oct-14

Source: globalrates.com

USD/KES Exchange Rate

90

Oct-14

0.55%
0.05%
8.50%

91

0.23%
0.56%
0.05%

Oct-14

UK BoE Rate
EU ECB Rate
Kenya CBK Rate

US Libor
Euribor
UK Libor

Sep-14

LIBOR Rates
0.25%

Sep-14

Global Benchmark Rates

US Fed Rate

Source: FED, BoE, ECB, CBK

21-May-14

th

9-Apr-14

11.92%
12.15%
12.66%

27 November 20143 - KES 3.0 Bn 91-day T-bills

30-Apr-14

11.81%
12.23%
12.71%

123
118
113
108
103
98
93
11-Sep-13

31st October
10.50%
11.00%

Tomorrow - KES 4.0 Bn 182-day T-bills & KES 5.0 Bn

364-day T-bills.

Aug-14

10-Year
15-Year
20-Year

24th October
10.55%
10.95%

21-Aug-13

Benchmark Rates

9.20%
28.81%
10.24%
81.96%

FTSE NSE Government Bond Perfomance Index Performance:

+15.22% (LTM) +15.49% (YTD)

Source: CBK,Genghis Research

Tenor
2-Year
5-Year

Prev. Auction
8.70%
370.58%

Source: CBK,Genghis Research

Up-coming Auctions:

19-Mar-14

5-Feb-14

26-Feb-14

5.00

Subscription
364-Day
Subscription

Sep-14

Term Deposits
Volumes (KES Billions)

182-Day

15-Jan-14

14.28

4-Dec-13

6.88%

11.97

25-Dec-13

6.75%

Volumes (KES Billions)

Repo Rate
Volumes (KES Billions)

Latest Auction
8.60%
150.10%

91-Day
Subscription

13-Nov-13

Interbank Rate

Money Market: The monetary regulator offered KES 5

billion worth REPOs and TADs yesterday in order to mop
up excess liquidity as the USD/KES exchange slipped to a
low of 90.18 (12:30pm GMT) following fresh militant
attacks over the weekend.

2-Oct-13

24th November
-

Sep-14

21st November
-

Overnight Window
Volumes (KES Billions)

Prime Rates

Prime Rates

23-Oct-13

Money Market News

Interbank

15-Oct-14

Avg. Traded Yields

12.11%
10.98%

35000
30000
25000
20000
15000
10000
5000
0
24 Nov 14

3-Sep-14

Volumes
300,000,000
414,500,000

16%
14%
12%
10%
8%
6%
4%
2%
0%
27 Jun 14

24-Sep-14

24th November
749,500,000

Oct-14

24th November
Highest traded bonds
FXD 1/2014/10Yr
IFB 1/2014/12Yr

21st November
2,452,800,000

13-Aug-14

Bond turnover

Money Market Activity

Secondary Market: Bond trading in the secondary market

remained somber at the start of the trading week as
LIBORby
Rates
turnover contracted
69% to KES 749.5 million from
Fridays KES 2.45 billion. The dip may be owed to the
ongoing African Securities Exchanges Association (ASEA)
conference which has shifted investor focus temporarily.