Nigeria_Fixed Income Daily: Bullish sentiment dampened in bond space
§With system liquidity largely unchanged, Interbank Call rate declined a marginal 50bps to 18.08%. At the FX interbank market, the naira depreciated N10.75 to close at N315.93.
§Mixed trading resurfaced in the fixed income markets today even as the bills space remained bullish. Yields in the T-bills market declined 21bps on average amidst strong demand on short-dated maturities. Specifically, yields on the 43DTM (-251bps), 57DTM (-132bps), and 64DTM (-82bps) bills declined to 14.29%, 13.38%, and 14.29% respectively. Meanwhile the bond market traded mixed with healthy demand on mid-dated bonds tempered by mild sell pressure on the long end of the space. The yield on the 14.20% FGN MAR 2024 bond declined 10bps to close at 14.85% whilst the yield on the 10.00% FGN JUL 2034 bond advanced 7bps to close at 15.18%.
§Following the series of strong bullish sentiment observed since week open, we expect market participants to trade more cautiously in the days ahead.
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