Nigeria_Fixed Income Daily: Bullish sentiment persists
Market commentary
§Interbank Call rate declined marginally in today’s session, down 25bps to 20.58%. At the FX interbank market, the naira depreciated N3.85 to close at N318.91.
§The bullish sentiment persisted in the T-bills market today as yields continued to converge towards auction levels. Particularly, the 272DTM and 335DTM bills shed 52bps and 54bps to close at 20.92% and 22.06% respectively. Similarly, the bond market traded bullish as yields moderated 14bps on average, driven by buying interest in the 12.50% FGN JAN 2026 and 10% FGN JUL 2030 bonds as yields declined 16bps and 8bps to close at 15.27% and 15.29% respectively.
§Whilst we note that the bullish sentiment persisted in today’s trading session, we highlight that the sentiment was slightly weaker. Consequently, we foresee a mixed trading session at week open.
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