Nigeria_Fixed Income: Bonds remain bearish ahead of auction rates
​Sentiment in the T-bills market reversed in today’s session as investors sought haven across the short end of the curve following the higher than expected inflation figure and amidst a broader risk-off sentiment. Yields in the T-bills market declined 10bps on average with the most notable decline recorded on the 15DTM (-36bps), 64DTM (-33bps), and 106DTM (29bps) bills, closing at 3.57%, 6.09%, and 6.84% respectively. As expected, the bond market remained bearish ahead of the outcome of today’s bond auction. Yields across all traded maturities rose 20bps on average – particularly, the 15.10% FGN APR 2017 and 16.00% FGN JUN 2019 bonds advanced 27bps and 32bps to 11.43% and 11.33% respectively.
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