Nigeria_Fixed Income Daily: Mixed sentiment persisted at week close
§Amidst tighter system liquidity following recent CBN mop up, Interbank Call rate rose 300bps to 25.58%. At the FX interbank market, the naira appreciated N4.95 to close the week at N316.55.
§Mixed sentiment persisted in fixed income markets at week close. The T-bills market traded sideways as yields trended in different directions across the space. The most notable changes were observed on the 69DTM (-113bps) and 244DTM (+251bps) bills, closing at 15.02% and 20.70% respectively. The bond market also traded mixed (albeit with a bullish bias) as yields declined 9bps on average. Modest demand pushed yield on the 12.40% FGN MAR 2036 bond down 26bps to 15.07% whilst yield on the 12.50% FGN JAN 2026 bond crept up 4bps to close at 15.17%.
§Noting the fading bullish sentiment amidst tighter system liquidity at week close, we expect a more cautious trading pattern at the start of next week.
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