WEEKLY FIXED INCOME REPORT - WEEK 10
Weekly Wrap:
Secondary market turnover increased by 9.65%w/w to KES 11.51Bn. The trades were mainly concentrated on the 2018 infrastructure bond (IFB) paper which accounted for 40.07% of total turnover. Offer yields on the IFBs were elevated in the earlier part of the week which buoyed the papers. The Consultative Forum of Domestic Debt met in the course of the week and as per market expectation, has issued benchmark issues of 5 years and 20 years seeking to raise KES 40Bn.
USDKES:
The shilling traded in a tight range of 101.30 – 101.35 with the US dollar. The net foreign reserves is yet to reflect the Eurobond proceeds, mute at USD 7.16Bn - 4.78 import months - at the end of the week.
Money Market:
The average interbank rate declined a marginal 13bps to 4.64% in the week. On the other hand, volumes retreated by KES 6.32Bn during the week to close at KES 64.14Bn.
This Week’s Outlook:
We are likely to see a reduction in secondary market turnover in the coming week emanating from the twin benchmark bonds issued in the March. What the March bond issues has unlocked is an availability of tenors on both spectrum of the yield curve which will appease majority of investors.
Genghis Capital is an innovative and customer focused Investment Bank licensed by the Capital Markets Authority (CMA). Founded in 2008, Genghis is one of the leading investment banks in Kenya. Since its establishment, Genghis has achieved tremendous growth to offer a well-diversified portfolio of financial services that includes:
- i. Securities(Equity/Debt) Trading
- ii. Research
- iii. Wealth Management services
- iv. Investment Advisory & Management via the GenCap Unit Trusts
- v. Corporate Finance & Transaction Advisory services
The Kenyan Capital Markets continue to develop in size, scope and sophistication. With this is an increasing demand for more specialized and personalized brokerage service and we at Genghis Capital are glad to be able to offer you this service. Our strength lies in ensuring our clients are up to speed with developments at the stock market and the economy. Research and technology remains our competitive and comparative advantage hence Experience, Expertise and Professionalism are some of the qualities you can expect from our team.
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