Nigeria_Fixed Income Daily: Markets turn mixed, bears run to bills
§Interbank Call rate dipped 16bps to 17.92% amidst stable system liquidity. At the FX interbank market, the naira depreciated N0.91 to close at N316.84.
§Fixed income markets turned mixed with a bearish bias in today’s session amidst mild profit taking. Yields in the T-bills market rose 23bps on average with the most notable sell-offs observed on the mid-dated bills. In particular, yields on the 161DTM (+36bps), 203DTM (+86bps), and 210DTM (+138bps) bills closed at 18.89%, 19.45%, and 19.63% respectively. The bond market however traded mixed with yields up 6bps on average. Whilst bearish sentiment surfaced around the short-dated bonds with the yield on the 16.00% FGN JUN 2019 bond up 11bps to close at 14.93%, buying momentum drove down yields on the long-dated bonds. In particular, yield on the 12.1493% FGN JUL 2034 bond fell 5bps to close at 15.16%.
§Given that the modest bullish trend observed earlier in the week has weakened, we expect market participants to trade cautiously at week close and anticipate a bearish session.
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