Nigeria_Fixed Income Daily: Bearish sentiment returns
​§Amidst relatively unchanged liquidity, Interbank Call rate moderated slightly to 14.67% (-50bps). In the FX Interbank market, the naira depreciated 1 kobo to close at N312.99 whilst the one year forward remained unchanged at N351.60.
§Sentiment turned bearish in today’s session as yields on fixed income instruments trended upwards. In the T-bills space, yields climbed 20bps on average amidst sell pressure on mid-dated maturities. In particular, yields on the 148DTM (+187bps), 176DTM (+122bps), and 225DTM (+92bps) bills closed at 19.83%, 19.24%, and 20.31% respectively. Likewise, the bond market turned bearish with yields on benchmark bonds advancing 5bps on average. The largest changes were on the yields of the auction bonds as the 15.54% FGN FEB 2020 and 12.40% FGN MAR 2026 bonds advanced 6bps and 8bps to close at 14.89% and 15.13% respectively.
§ With bearish sentiment resurfacing amidst persistently tight liquidity, we expect trading to remain subdued in the coming sessions.
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