Nigeria_Fixed Income Daily: Markets begin week on bullish note
Interbank Call rate declined to 19.42% in today’s session, down 116bps from previous close. At the FX interbank market, the naira appreciated N3.25 to close at N315.66.
§In line with recent trend, trading remained positive in the T-bills market as yields declined 45bps on average. There was notable buying interest on the 220DTM (-303bps), 227DTM (-215bps), and 360DTM (-163bps) bills as they closed at 17.72%, 18.65%, and 20.70% respectively. Demand was also strong in the bond market as yields declined across the entire space, down 41bps on average. This was particularly evident on the mid-dated maturities as yields on the 14.50% FGN JUL 2021 and 16.39% FGN JAN 2022 bonds moderated 34bps and 37bps to close at 14.88% and 14.81% respectively.
§Given the decent appeal for fixed income assets, we expect yields to decline further in the session ahead barring any OMO announcement which could trigger market volatility.
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