Nigeria_Fixed Income Daily: Mixed sentiment persists at week close
- Market commentary
§ At the FX interbank market, the naira remained unchanged at N305.00 and N378.00 against the dollar for the spot rate and one year forward rate respectively. Meanwhile, Interbank Call rate moderated advanced 134bps to 8.33%.
§Bullish sentiment persisted in the T-bills market as yields moderated 15bps on average at week close. The largest declines were observed on the 62DTM (-98bps), 188DTM (-95bps), and 335DTM (-87bps) bills as they closed at 13.74%, 18.21%, and 21.05% respectively. Meanwhile, the bond market continued its bearish trend with yields on benchmark bonds ascending 4bps on average. Notably, yields on the 12.50% FGN JAN 2026 and 12.49% FGN MAY 2029 bonds rose 10bps and 9bps respectively to close at 16.44% and 16.26% respectively.
§ At the start of next week, we expect buoyant demand to further drive bullish trading in the T-bills space amidst continued muted trading sentiment on bonds.
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