Fixed income market making.
Algorithmic market-making across listed fixed-income instruments in East African markets. Government and corporate bonds on the Dar es Salaam Stock Exchange and the Nairobi Securities Exchange, as each venue’s market structure allows.
Investors who buy bonds want to know they can sell when they need to, and issuers want a market investors trust. Our offer is a steady two-sided quote on listed government and corporate bonds, so trading is easier and prices are more dependable.
Our pricing engine handles bond pricing from market yield curves, with credit spreads applied per issuer where the venue lists corporates alongside sovereigns, and risk infrastructure in place.
Our approach follows each venue’s framework for the asset class. The deeper venue detail lives on the Markets pages.
Bond liquidity is a public good.
A government that can sell debt into a liquid secondary market pays less to borrow, because investors price in the ability to exit. An illiquid bond carries an illiquidity premium, and that premium is paid by the issuer on every auction, year after year.
The same logic holds for the institutions on the other side. Pension funds and insurers across East Africa hold bonds to match long-dated liabilities. Without a reliable secondary market, they cannot rebalance, cannot manage duration, and cannot mark their books to prices anyone would actually trade at. Liquidity turns a buy-and-hope portfolio into a managed one.
Continuous two-sided quotes on listed bonds change both sides of that equation at once. That is why we treat fixed-income liquidity the way we treat every market we work in: as infrastructure, engineered like infrastructure.
What is a market maker? →
Sparse prints in, live curves out: the quiet machinery of bond liquidity.
