Nigeria_Fixed Income Daily: Bears tighten grip in the bond market
​In the absence of an OMO auction, trading in the T-bills market turned mixed ahead of tomorrow’s primary market auction as demand resurfaced across the short–mid dated maturities (yields down 17bps on average) amidst modest sell pressure on the long end (yields up 5bps on average). Whilst the yield on the 156DTM bill declined 62bps to 8.22%, the yield on the 275DTM bill advanced 22bps to 9.96%. In the bond market, bearish sentiment extended into today’s session as significant selloff was recorded across all maturities in the space, amidst speculations around further possible rate hikes. Overall, yields advanced 39bps on average with yield on the 16.39% FGN JAN 2022 bond up 74bps to 12.70%.
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