Nigeria_Fixed Income Daily: Buying momentum strengthens across board
§Amidst a relatively quiet session, Interbank Call rate moderated 9bps to close at 20.08%. At the FX interbank market, the naira depreciated N4.50 to close at N317.00.
§The T-bills market rebounded to trade bullish in today’s session as yields declined 28bps on average on the back of healthy demand across board. Particularly, we observed strong buying interest on the 218DTM (-191bps), 330DTM (-343bps), and 358DTM (-139bps) bills as they closed at 18.49%, 18.46%, and 19.70% respectively. The bond market also traded bullish as yields declined 32bps on average. Improved demand on mid-dated maturities pushed the yields on the 16.00% FGN JUN 2019 and 7.00% FGN OCT 2019 bonds down 44bps and 28bps to 14.71% and 14.72% respectively.
§Barring any liquidity mop up from the CBN, we expect the cash inflow from the T-bills maturity due tomorrow to support further bullish sentiment.
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