Nigeria_Fixed Income Daily: Bullish sentiment reemerges on T-bills
- Market commentary
§ At the FX interbank market, the naira remained unchanged at N305.00 and N378.00 against the dollar for the spot rate and one year forward rate respectively. Meanwhile, Interbank Call rate moderated 117bps to 13.83% amidst a relatively unchanged system liquidity.
§Bullish sentiment reemerged in the T-bills market today as yields declined 17bps on average. Demand was spread relatively even across the space as yields on the 57DTM (-135bps), 183DTM (-138bps), and 260DTM (-310bps) bills moderated to 13.53%, 18.82%, and 17.74% respectively. Meanwhile, the bond market persisted bearish with mild advances on most benchmark bonds. Notably, yields on the 14.50% FGN JUL 2021 and 12.1493% FGN JUL 2034 bonds rose 8bps and 5bps to 16.47% and 16.13% respectively.
§ We expect trading pattern in the T-bills and bonds market to remain divergent as investors focus on short-dated maturities.
Vetiva provides clients with independent and unbiased access to analysis and opinion. We keep our clients on the cutting edge of market information and provide up to date market intelligence on quoted companies. Our services allow brokers, investment firms, and asset managers focus their energies on developing investment strategies and client relationships.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.