Nigeria_Fixed Income Daily: Bond yields inched higher ahead of auction
- Market commentary
§ Interbank Call rate declined 183bps to 13.50% despite relatively unchanged liquidity. At the FX Interbank Market, the naira remained unchanged day-on-day for the first time since early August, closing at N304.75.
§The fixed income markets traded mixed today as the bulls once again reigned in the T-bills space whilst the bond market remained tepid. Yields declined 20bps on average in the T-bills market, with the declines concentrated around the short-end of the space. Specifically, yields on the 23DTM (-287bps), 37DTM (-212bps), and 51DTM (-280bps) bills fell to 14.64%, 14.29%, and 14.81% respectively. The bond market persisted somewhat bearish with yields on benchmark bonds rising 2bps on average. Most significantly, yield on the 12.50% FGN JAN 2026 bond advanced 9bps to 15.37%.
§ The DMO will be offering N35 billion each across the 5-year, 10-year, and 20-year bonds at tomorrow’s bond auction. Notwithstanding the persistent upbeat sentiment in the T-bills market, we expect a more cautious trading session across the fixed income space as market participants eye the monthly bond auction.
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