Nigeria_Fixed Income Daily: Bulls steer bills at week close
- Market commentary
§ Interbank Call rate moderated 160bps to 5.00% amidst a relatively unchanged system liquidity. Meanwhile, at the FX interbank market, the naira appreciated 25kobo against the dollar to close at N305.25 at the spot market whilst the one year forward rate remained stable at N348.00.
§The T-bills market persisted bullish at week close amidst healthy demand spread across the space. The most notable yield moderations were observed on the 27DTM (-162bps), 118DTM (-174bps), and 321DTM (-157bps) bills which closed at 13.66%, 15.56%, and 19.89% respectively. In contrast, the bond market traded mixed albeit with a bearish tilt at the long end of the curve. Specifically, whilst yield on the 14.20% FGN MAR 2024 bond moderated 11bps to close at 16.04%, yields on the 12.1493% FGN Jul 2034 and 12.40% FGN MAR 2036 bonds rose 7bps and 16bps to close at 15.87% and 16.85% respectively.
§ Despite bullish sentiment on T-bills today, we foresee more cautious trading ahead of the PMA scheduled for next week Wednesday.
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