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Breakfast Report - 27 September 2021
- Amid the liquidity glut in the global space, the Federal Government successfully raised $4 billion in the international debt market. The funds were raised in three tranches; a 7-year $1.25 billion bond priced at 6.125%, a 12-year $1.5 billion bond priced at 7.375%, and a 30-year $1.25 billion bond priced at 8.25%. In the near term, the debt raise could boost our external reserves to $39 - $40 billion and drive our external debt stock to $37 billion. However, the sustained rise in commercial debt could heighten fiscal sustainability risks, as more revenues are committed to servicing external debts.
- Equity: We anticipate a moderate start to begin the new trading week barring any significant cross trades, as investors continue to bargain hunt across sectors
- Fixed Income: In the coming session, we expect the NTB and OMO segments to trade actively, given the positive levels of system liquidity. Meanwhile, in the absence of market catalysts, we anticipate tepid trading in the bonds market.
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