Nigeria_Fixed Income Daily: Fixed Income market trade mixed at week open
- Market commentary
§ Interbank Call rate remained at 5.00% amidst a relatively unchanged system liquidity. Meanwhile, at the FX interbank market, the naira spot rate was unchanged at N305.25 whilst the one year forward rate appreciated N2.00 to close at N346.00.
§Ahead of the Primary Market Auction at mid-week, the T-bills market traded mixed with yields advancing 16bps on average. Whilst moderations were seen on the long end of the curve, advances where dominant on shorter term maturities. In particular, yields on the 220DTM (-30bps) and 304DTM (-19bps) declined to 20.04% and 21.19% respectively, whilst the yield on the 52DTM (+355bps) and the 115DTM (+168bps) rose to 13.83% and 13.24% respectively. The Bond market also traded mixed as yields were unchanged on average across the benchmark bonds. Whilst the short dated bonds - 9.85% FGN JUL 2017 and 9.35% FGN AUG 2017 recorded 119bps and 91bps yield declines to close at 18.18% and 18.72% respectively, the 10.00% FGN JUL 2030 and 8.50% FGN NOV 2029 bonds advanced 4bps each to settle at 16.36% and 16.30% respectively.
§ We expect trading to remain mixed, especially on the T-bills market as investors stay cautious ahead of the Primary Market Auction on Wednesday.
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