Nigeria_Fixed Income Daily: Bears rule at end of third quarter
​§ Interbank Call rate remained unchanged at 14.33%. In the FX Interbank market, the naira appreciated N6.31 to close at N311.62 whilst the one year forward rate remained unchanged at N388.20.
§Fixed income markets traded bearish at the end of the third quarter of the year. In the T-bills market, yields climbed 12bps on average amidst sell pressure which was weighted on the short-mid dated maturities. In particular, yields on the 62DTM (+89bps), 174DTM (+129bps), and 181DTM (+59bps) rose to 18.52%, 19.65%, and 19.78% respectively. In a similar vein, the bond market traded bearish with yield on all maturities inching higher. The largest yield advances were on the 16.39% FGN JAN 2022 and 12.40% FGN MAR 2036 bonds which rose 19bps and 23bps to 14.95% and 15.26% respectively.
§ Considering the bearish close to the week amidst tight system liquidity, we anticipate a relatively tepid trading session after the Independence day holiday.
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