Nigeria_Fixed Income Daily: Markets trade mixed
§ Amidst tighter system liquidity (following recent CBN liquidity mop up), interbank Call rate rose 800bps to 16.58%. At the FX interbank market, the naira depreciated 46 kobo to close at N316.83.
§ The T-bills market turned mixed with yields up 16bps on average. Whilst sell pressure was evident on short-dated maturities with yields on the 9DTM (+141bps) and 51DTM (+123bps) bills closing at 14.89% and 15.26% respectively, notable yield declines were seen on the 93DTM (-241bps) and 107DTM (-40bps) bills as they closed at 16.53% and 16.68% respectively. Similarly, the bond market traded mixed as yields rose 8bps higher on average. Whilst the 15.10% APR FGN 2017 and 12.40% FGN MAR 2036 bonds experienced the steepest yield increases, inching 25bps and 38bps higher to close at 20.78% and 15.32% respectively, yields on the 12.50% FGN JAN 2026 and 12.49% FGN MAY 2029 declined 8bps and 7bps to close at 15.18% and 15.20% respectively.
§ The CBN will be offering N45 billion, N80 billion and N120 billion across the 91DTM, 182DTM and 364DTM respectively at its T-bills PMA tomorrow. We expect further cautious trading tomorrow in light of this.
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