{"id":11439,"date":"2025-04-15T08:35:03","date_gmt":"2025-04-15T08:35:03","guid":{"rendered":"https:\/\/sib.co.ke\/reports\/?p=11439"},"modified":"2025-04-22T05:32:27","modified_gmt":"2025-04-22T05:32:27","slug":"quarterly-economic-fixed-income-market-review-1q25","status":"publish","type":"post","link":"https:\/\/sib.co.ke\/reports\/quarterly-economic-fixed-income-market-review-1q25\/","title":{"rendered":"Quarterly Economic & Fixed Income Market Review \u2013 1Q25"},"content":{"rendered":"\n
SIB Fixed Income Quarterly Report 1Q25<\/a>Download<\/a><\/div>\n\n\n\n

FIXED INCOME MARKETS: PRIMARY OFFERINGS RECEIVE 180% OVERALL SUBSCRIPTION RATE<\/h4>\n\n\n\n

In the primary market, demand for government securities remained strong, with the overall subscription rate standing at 180.1%. The fiscal agent offered KES 437.0bn, attracted bids amounting to KES 787.0bn, and accepted 73.9% of the total bids received. In total, KES 395.82bn was repaid, resulting in a net domestic borrowing of KES 185.53bn for 1Q25. See a summary of the offering below;<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

1Q25 also marked the execution of the first local bond buyback, which registered a fairly strong performance with a subscription rate of 112.2%. This initiative was seen as a strategic move aimed at alleviating the redemption pressure from maturities falling due in March, April, and May, while simultaneously enhancing liquidity in the money market.<\/p>\n\n\n\n

Additionally, the average tenor of issuances in 1Q25 rose significantly to 15.03 years, up from 5.6 years in 1Q24, aligning with the government\u2019s borrowing strategy for FY24\/25.<\/p>\n\n\n\n

Read Full Report:<\/h4>\n\n\n\n
SIB Fixed Income Quarterly Report 1Q25<\/a>Download<\/a><\/div>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

FIXED INCOME MARKETS: PRIMARY OFFERINGS RECEIVE 180% OVERALL SUBSCRIPTION RATE In the primary market, demand for government securities remained strong, with the overall subscription rate standing at 180.1%. The fiscal agent offered KES 437.0bn, attracted bids amounting to KES 787.0bn, and accepted 73.9% of the total bids received. In total, KES 395.82bn was repaid, resulting in a…<\/p>\n","protected":false},"author":4,"featured_media":11441,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"footnotes":""},"categories":[174,63,1],"tags":[177,178],"class_list":["post-11439","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-fixed-income-reports","category-quarterly-reports","category-weekly-reports","tag-exchange-rate","tag-fixed-income-markets"],"yoast_head":"\nQuarterly Economic & Fixed Income Market Review \u2013 1Q25 - Standard Investment Bank<\/title>\n<meta name=\"description\" content=\"Primary offerings receive 180% overall subscription rate while secondary bond turnover soars 45.4% y\/y to another record high\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/sib.co.ke\/reports\/quarterly-economic-fixed-income-market-review-1q25\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Quarterly Economic & Fixed Income Market Review \u2013 1Q25\" \/>\n<meta property=\"og:description\" content=\"Primary offerings receive 180% overall subscription rate while secondary bond turnover soars 45.4% y\/y to another record high\" \/>\n<meta property=\"og:url\" content=\"https:\/\/sib.co.ke\/reports\/quarterly-economic-fixed-income-market-review-1q25\/\" \/>\n<meta property=\"og:site_name\" content=\"Standard Investment Bank\" \/>\n<meta property=\"article:published_time\" content=\"2025-04-15T08:35:03+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-04-22T05:32:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/sib.co.ke\/reports\/wp-content\/uploads\/2025\/04\/Q125-review-thumbnail.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2240\" \/>\n\t<meta property=\"og:image:height\" content=\"1260\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Edward Kalaghe\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Quarterly Economic & Fixed Income Market Review \u2013 1Q25\" \/>\n<meta name=\"twitter:description\" content=\"Primary offerings receive 180% overall subscription rate while secondary bond turnover soars 45.4% y\/y to another record high\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/sib.co.ke\/reports\/wp-content\/uploads\/2025\/04\/Q125-review-thumbnail.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Edward Kalaghe\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/sib.co.ke\/reports\/quarterly-economic-fixed-income-market-review-1q25\/\",\"url\":\"https:\/\/sib.co.ke\/reports\/quarterly-economic-fixed-income-market-review-1q25\/\",\"name\":\"Quarterly Economic & Fixed Income Market Review \u2013 1Q25 - 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