Monthly Fixed Income Market Report | July 2024
The Nigerian Fixed Income (FI) Market continued its bearish trend into July 2024, marked by significant increases in yields in the market. The Nigerian FI market closed on a bearish note with the average yield rising by 206bps MoM to 22.47%.In August 2024, the Nigerian fixed income market is expected to experience moderate liquidity
infusion, with NT-bills worth NGN114.82bn maturing and bond coupon payments of NGN431.19bn. The
Central Bank of Nigeria's interest rate increases, aimed at curbing inflation, are the main factors
driving the higher yields in this market. Additionally, the federal government plans to issue USD500mn
in domestic foreign currency-denominated bonds in the coming weeks. At competitive yields, these
bonds may attract investors, potentially supporting the apex bank in its bid to stabilize the exchange
rate. We maintain our view of a bearish performance in the fixed income market, especially on the
short end of the yield curve, in August.
ARM Securities Limited is a full-service brokerage house that offers best-in-class brokerage services to local as well as foreign private and institutional investors. Formerly known as Hamilton Hammer, the Company commenced operation in 1994 and was acquired by ARM Investment Managers in 2008--an acquisition which has successfully re-positioned the company as a recognized brokerage firm in Nigeria. The Company is a dealing member of the Nigerian Stock Exchange (NSE) and is regulated by Securities and Exchange Commission (SEC). ARM Securities research team provides insightful commentaries on the Nigerian economy and its equity and debt markets using an approach which incorporates a thorough understanding of the fundamentals of the industries and companies under coverage. The research therefore adopts an integrated methodology of top-down analysis and bottom-up stock selection, which focuses on publicly quoted companies on the Nigerian Stock Exchange that are judged to offer the highest potential for earnings growth. In addition, its analysts provide periodic commentaries on a range of topical global and local issues which provide investing clients with a holistic view of the opportunities and risks in today’s financial market landscape.
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