Nigeria_Fixed Income Daily: Bullish sentiment proves resilient
§Amidst a relatively stable system liquidity, Interbank Call rate declined further in today’s session, down 317bps to 18.58%. At the FX interbank market, the naira appreciated N3.55 to close at N305.18.
§Fixed income markets traded bullish today amidst healthy demand on select maturities. Yields in the T-bills market declined 47bps on average driven by strong buying pressure on the long end of the space. In particular, yields on the 254DTM (-404bps), 282DTM (-344bps), and 317DTM (-309bps) closed at 16.80%, 17.76%, and 18.75% respectively. Similarly, the bond market traded bullish with yields down 34bps on average. The most significant changes were observed on the mid to long-dated maturities as yields on the 16.39% FGN JAN 2022, 10.00% FGN JUL 2030, and 12.40% FGN MAR 2036 bonds declined 15bps, 8bps, and 14bps to close at 14.83%, 15.11%, and 15.01% respectively.
§Given the buoyant trading sentiment observed so far this week, we expect the positive momentum to persist in tomorrow’s session, barring any CBN mop up.
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