Cytonn Investments

Cytonn Investments

2/4/2025, 7:34:32 AM

Cytonn Money Market Fund posted an Effective Annual Rate of 16.25% as of 3rd February, 2025. Invest, withdraw, and redeem to pay bills instantly 24/7, by just dialing *809# or sign up at https://clients.cytonn.com/apply/investment Cytonn Wallet ,a wallet that you stand to earn high returns of up to 16% p.a

Cytonn Investments

2/4/2025, 10:06:13 AM

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Cytonn Investments

2/9/2025, 11:54:11 AM

In our Cytonn Report this week, we analyzed the performance of Kenya’s Equities, Fixed Income, and Real Estate markets for the ended week, with a special focus on review of Real Estate Investments Trusts (REITs) in Kenya. Below are the highlights.; a) Fixed Income: During the week, T-bills were oversubscribed, with the overall subscription rate coming in at 296.6%, a reversal from the subscription rate of 56.1% recorded the previous week. Investors’ preference for the shorter 91-day paper persisted, with the paper receiving bids worth Kshs 10.0 bn against the offered Kshs 4.0 bn, translating to an oversubscription rate of 250.0% significantly higher than the undersubscription rate of 61.6% recorded the previous week. The subscription rates for the 182-day and 364-day papers increased to 240.0% and 371.9% respectively, from the 28.6% and 81.3% recorded the previous week. The government accepted a total of Kshs 59.7bn worth of bids out of Kshs 71.2 bn bids received, translating to an acceptance rate of 83.9%.The yields on the government papers were on a downward trajectory with the yields on the 364-day paper decreasing the most by 55.5 bps to 10.8% from 11.3% recorded the previous week, while the yields on the 182-day and 91-day papers decreased by 50.9 bps and 40.6 bps respectively to 9.5% and 9.1% from 10.0% and 9.5% respectively recorded the previous week; During the week, the government announced its first-ever domestic treasury bond buyback aiming to buyback Kshs 50.0 bn of Kshs 185.1 bn for the FXD1/2020/005, FXD1/2022/003 and IFB1/2016/009 with tenors to maturity of 0.4 years, 0.3 years and 0.4 years respectively, and fixed coupon rates of 11.7%, 11.8% and 12.5% respectively. The total outstanding amounts for the FXD1/2020/005, FXD1/2022/003 and IFB1/2016/009 are Kshs 104.5 bn, Kshs 60.6 bn and Kshs 19.9 bn each respectively. The period of the buy-back opened on 7th February 2025 and will close on 17th February 2025 with a settlement date of 19th February 2025. Our expectation is that the bond buyback will be undersubscribed, given the remaining short-term tenors to maturity of the bonds, as most investors may prefer to wait till maturity rather than sell at a potential discount. Additionally, if the government’s buyback price is not attractive then investors may prefer not sell leading to an undersubscription; Click the link below to read the Cytonn Weekly report: https://cytonnreport.com/research/review-of-real Click the link below to subscribe to our Weekly Report: https://cytonnreport.com/subscribe

Cytonn Investments

2/10/2025, 11:35:59 AM

Show your loved one you care—secure their future with Cytonn Wallet! Smart investing, effortless saving, and a future you can build together. 💰❤️ Dial *809# or Download the Cytonn App here - https://clients.cytonn.com/mobile or Sign up at clients.cytonn.com #LoveAndWealth #CytonnWallet #SmartInvesting

Cytonn Investments

2/24/2025, 1:52:43 PM

In our Cytonn Report this week, we analysed the performance of Kenya’s Equities, Fixed Income, and the Real Estate markets for the week ended 21st February 2024, with a 2025 review of the Kenyan currency and Interest rates. Below are the highlights; a) Fixed Income: During the week, T-bills were oversubscribed for the third consecutive week, with the overall subscription rate coming in at 137.3%, albeit lower than the subscription rate of 184.4% recorded the previous week. Investors’ preference for the shorter 91-day paper persisted, with the paper receiving bids worth Kshs 4.5 bn against the offered Kshs 4.0 bn, translating to an oversubscription rate of 113.1%, a reversal from the undersubscription rate of 63.2% recorded the previous week. The subscription rates for the 182-day and 364-day papers decreased to 123.6% and 160.6% respectively from the to 236.2% and 181.1% recorded the previous week. The government accepted a total of Kshs 32.90 bn worth of bids out of Kshs 32.94 bn bids received, translating to an acceptance rate of 99.9%. The yields on the government papers were on a downward trajectory with the yields on the 182-day paper decreasing the most by 9.8 bps to 9.3% from 9.4% recorded the previous week, while the yields on the 91-day and 364-day papers decreased by 2.2 bps and 6.8 bps respectively to 8.9% and 10.5%, from 9.0% and 10.6% respectively recorded the previous week; Also, during the week, the Central Bank of Kenya released the auction results for the buyback of the treasury bonds FXD1/2022/003, FXD1/2020/005 and IFB1/2016/009 with tenors to maturity of 0.4 years, 0.3 years and 0.4 years respectively, and fixed coupon rates of 11.8%, 11.7% and 12.5% respectively. The offer was oversubscribed, with the overall subscription rate coming in at 112.2%, receiving bids worth Kshs 56.1 bn against the offered Kshs 50.0 bn. The government accepted bids worth Kshs 50.1 bn, translating to an acceptance rate of 89.3%, and equivalent to 27.1% of the total outstanding amount of Kshs 185.1 bn for the three bonds. The weighted average yield for the accepted bids for the FXD1/2022/003, FXD1/2020/005 and IFB1/2016/009 came in at 9.1%, 8.9% and 9.1% respectively. The yields are largely in line with the T-bill rates making the refinancing cost to the same. In the primary bond market, the government is looking to raise Kshs 25.0 bn through the reopened bond; FXD1/2018/25 with a tenor to maturity of 18.3 years and a fixed coupon rate of 13.4%. The period of sale opened on Friday, 21st February 2025, and will close on 5th March 2025. Our bidding range for the reopened bond is 13.85%-14.55%. The bond is currently trading at 13.34% in the secondary market; Click the link below to read the Cytonn Weekly report: https://cytonnreport.com/research/kenya-currency-and-interest-rates-review-2025-and-cytonn-weekly-082025

Cytonn Investments

2/24/2025, 1:59:19 PM

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Cytonn Investments

2/24/2025, 2:01:38 PM

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Cytonn Investments

2/25/2025, 8:42:21 AM

Cytonn Money Market Fund posted an Effective Annual Rate of 16.15% as of 24th February, 2025. Invest, withdraw, and redeem to pay bills instantly 24/7, by just dialing *809# or sign up at https://clients.cytonn.com/apply/investment Cytonn Wallet ,a wallet that you stand to earn high returns of up to 16% p.a