Nigeria_Fixed Income Daily: Cautious trading ahead of economic data
​§On the back of liquidity tightening following recent CBN mop up, Interbank Call rate ascended 967bps to 20%. At the FX interbank market, the naira appreciated N0.69 to close at N318.14.
§There was a slight uptick in sentiment today as fixed income markets traded mixed whilst retaining their bearish slant. Yields in the T-bills market rose a marginal 5bps on average with no discernable trend across the space. Notably, yield on the 205DTM (+129bps) bill settled at 19.77% whilst yield on the 275DTM (-179bps) bill settled lower at 19.40%. Similar mixed trading was observed in the bond market with on-the-run bond yields closing relatively flat. Notwithstanding, the 15.54% FGN FEB 2020 bond inched up 8bps to 15.08% whilst the 14.20% FGN MAR 2024 bond scraped 6bps off to close at 15.06%.
§We highlight the mixed trading as evidence of cautious investor sentiment ahead of key economic data releases tomorrow and we expect this pattern to continue.
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