Report
EUR 8.06 For Business Accounts Only

Good Morning Nigeria 13 November 2015: Crashing FGN bond yields

​Crashing FGN bond yields

  • This week's auction of FGN bonds was notable for the strength of the total bid (N155bn) and for the decline of 300bps in the marginal rates since the previous sale. Both auction results can be traced to the CBN's boost to liquidity as a result of not holding open market operations on the maturity of NTBs since 29 September. They were supported by the DMO's decision to trim its offer to N50bn, which helped to lower the marginal rates (effective cut-off points). We understand that the offshore presence in the auction was negligible.


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