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Good Morning Nigeria: FGN bond yields trending up

​FGN bond yields trending up

The DMO held its latest monthly auction of FGN bonds last week, the first for this year, and raised 75bn (US$377m) from the sale of two debt instruments. These were a re-opened issue of 15.54% Feb ‘20s and a new ten-year issue of 12.50% Jan ‘26s. The marginal rate (effective cut-off point) widened by 129bps on the ‘Feb 20s. On the secondary market, the average yield for the liquid bonds we track was 10.82% in December and has widened by 112bps in January.

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