Nigeria_Fixed Income Daily: Bulls rule bills at week open
§Although system liquidity remained largely unchanged, Interbank Call rate declined 383bps to 21.75%. At the FX interbank market, the naira appreciated N7.82 to close the week at N308.73.
§Fixed income markets began the week on diverging paths. The T-bills market traded strongly bullish as yields plunged 34bps on average amidst strong demand across the entire space. The most notable yield changes were observed on the 73DTM (-89bps), 241DTM (-246bps), and 346DTM (-68bps) bills as they closed at 16.14%, 18.24%, and 21.56% respectively. Meanwhile, the bond market traded mixed with yields down a marginal 4bps. Whilst the yields on the long-dated maturities were largely higher with the yield on the 12.1493% FGN JUL 2034 bond up 14bps to close at 15.26%, modest demand was observed on the 12.50% FGN JAN 2026 bond with yield down 5bps to 15.12%.
§Whilst we note the healthy demand in today’s trading session (particularly for bills), we anticipate a more cautious trading pattern in the days ahead as the tight system liquidity caps demand.
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