Nigeria_Fixed Income: 45-month high Inflation sparks selloff
Following the release of March inflation figure at 12.8% (February: 11.4%), trading in the fixed income market turned bearish as yields raced north across the curve. Yields in the T-bills market advanced 12bps on average. Notably, the 65DTM (+40bps), 93DTM (+36bps), and 268DTM (+40bps) bills recorded the most significant rise to close at 6.42%, 6.04%, and 10.15% respectively. Similarly, yields in the bond market rose 24bps on average following broad based selloff. Particularly, yields on the 15.10% FGN APR 2017 and 16.00% JUN FGN 2019 bonds advanced 78bps and 39bps to 11.16% and 11.01% respectively.
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