Manager, Securities Auctions (Manager 1) at Central Bank of Kenya

Job Purpose

• The role holder is the head of the Securities Auctions function whose main responsibility is to issue government securities to finance respective domestic debt borrowing targets consistent with the Medium-Term Debt Strategy (MTDS) and domestic debt issuance program.

Key Duties and Responsibilities

Strategic Responsibilities

• Contributes as appropriate to the performance of other functions and to the overall achievement of the Bank’s strategic objectives.
• Works effectively as part of the team to deliver on the Key Result Areas and demonstrates competencies of his/her role.

Technical and Operational Responsibilities

• Responsible for implementation of Kenya’s budgetary gap earmarked for financing from the domestic market.
• Evaluates risks and costs associated with the issuance of government securities and makes recommendations on market risk such as pricing or interest rate/yield curve risk, liquidity risk (auction undersubscriptions); maturity/refinancing risk; fiscal funding risk; default risk, financial risk; reputation/image risk, information risk among others.
• Responsible for effective implementation of the Government Securities auctions and issuances.
• Coordinates Government securities issuance through weekly Treasury Bills auctions and Monthly Treasury Bond auctions, which involves decisions on pricing of the instruments in the auctions, considering the impact on the stability of rates/yield curve in the financial market and availability of short-term and long-term liquidity for the Kenya government.
• Make recommendations on auctions to the Departmental Management on the rates and volumes to be accepted considering the impact on the stability of the markets yield-curve stability, stability of government cash flow liquidity, debt structure/diversity amongst others.
• Accountable for collection of proceeds from investors in government securities and allocation of the government securities to the respective investors.
• Responsible for disbursement of proceeds to the National Treasury (NT), Kenya Revenue Authority (KRA), Capital Market Authority (CMA), and the other designated recipients.
• Contribute to the design and selection of new products and appropriate Liability Management instruments.
• Implementation of securities markets initiatives.
• Manage risks associated with issuance and auctions of government securities including operational risks, reputation/image risks, information risks, market risks, legal risks, among others.
• Responsible for planning, organizing, integrating, supervising, and coordinating activities and resources relating to issuance of Government Securities.
• Provide advice on debt issues that may have impact on the overall objectives of the Bank.
• Provide information to CBK management, stakeholders and market players and justifications on opinions, advice, and perspectives.
• Advise the department on domestic debt management and market development as the fiscal agent of and advisor to the Government.
• Liaise with the external stakeholders in the financial market – who include Retail and wholesale investors, commercial Banks, CMA, Nairobi Securities Exchange, etc. and internal stakeholders such as Banking Division, Open Market Operations, etc.
• Contribute to the development of the Department’s Strategic plan and implementation of the Department’s and Bank’s strategic.
• Budget preparation and planning.
• Mentor and develop effective Business Development teams to achieve planned results.
• Identify and recommend appropriate staff training and capacity building in the section.
• Any other assigned duties and responsibilities.

Qualifications

• Bachelor’s Degree in accounting, business, finance, economics or banking or similar field,
• Master’s Degree in Economics, Finance, Banking or a relevant filed or professional qualification in relevant field of study is an added advantage.
• Clear understanding of financial markets and relevant emerging issues in:

Government borrowing strategy.

• Financial Markets operations.
• Issuance of government securities and Liability Management Operations.
• Risk management.
• Public Financial Management.
• CBK’s Monetary Policy stance.

Work Experience

• At least eight (8) years’ work experience in securities auction, financial analysis, investment and portfolio management.

Competencies

Technical Competencies

Knowledge and experience in:

• Financial Markets operations - domestic and global.
• Money markets.
• Capital markets.
• Derivatives.
• Interest rates and pricing.
• Market environment.
• Domestic debt and debt strategies.
• Investor awareness.
• Bloomberg / Reuters.
• Meridian.
• Investor relations (wholesale and retail).
• Fundamental and technical analysis.
• Pricing and evaluation.
• Accounting and taxation implications.
• Strategic Planning.
• Budgeting and Planning.
• Ability to drive change.
• Project Management.
• Stakeholder Management.

Behavioral / General Competencies

• Governance – knowledge and ability to ensure good governance practices in assigned Department
• Analytical – highly analytical and ability to challenge status quo based on quantitative facts and impacts
• Leadership and management-ability to lead teams, co-ordinate effective teams and staff to achieve planned results.
• Performance Management.
• Decision making – ability to make quick operational decisions and strategic recommendations in a timely and effective manner.
• Professionalism – maintains a professional approach based on ethics and CBK values.
• Integrity and honesty and ethics - ensures ethical practices and integrity and ensures CBK is not put at reputational risk.
• Good communication skills – oral and written.
• Building consensus and influencing – ability to influence various players across financial markets.
• Customer orientation - is customer focused striking a solid balance between external and internal customer orientation.
• Resilience – can withstand strategic and operational challenges and maintain momentum.
• Emotional Intelligence - manages emotions in a mature and composed manner as expected of a leader