WEEKLY FIXED INCOME REPORT - WEEK 12
Weekly Wrap:
Secondary market turnover dipped 51.97%w/w to settle at KES 7.09Bn. The IFB1/2018/15Yr paper continued its dominance to account for 25.84% of the week’s activity with its yield trending downwards. The turnover decline was mainly attributed to the then-ongoing primary bond sale that closed out in the week. The result showed an oversubscription of 128.46%.
USDKES:
The shilling traded in a tight range against the US dollar in the course of the week. CBK foreign exchange reserves narrowed by USD 40Mn in the week but are still perched at record high levels of USD 8.79Bn; 5.87 months of import cover.
Money Market:
The average interbank rate increased 82bps to 5.10% in the week, in line with our expectations, which was attributed to statutory corporate tax payments. Overall weekly volumes edged up by KES 3.10Bn to KES 68.23Bn.
This Week’s Outlook:
The coming week is likely to see a rebound in secondary market activity albeit Easter holiday-shortened week following this month’s primary bond issuance. Keenly watched will be the March inflation data which is scheduled to be released on Thursday. The overall print has been below the CBK mid-point target in the past four months. With improved weather condition in the month as compared to a year prior, we expect this number to continue easing due to base effect.
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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