Nigeria_Fixed Income Daily: Mixed sentiment returns
§Interbank Call rate crept up 75bps today to close at 20.17%. At the FX interbank market, the naira closed the day at N312.50, appreciating N3.16 from the previous day.
§Trading in the T-bills market was quite mixed as yields trended in varied directions across board. Overall, yields rose 3bps on average across traded maturities with the 219DTM (+268bps to 20.40%) and 191DTM (-272bps to 15.71%) bills topping the losers and gainers respectively. Similarly, the bond market traded mixed albeit tilted towards a slightly bullish bias, with most buying interest observed on the mid-dated maturities. Particularly, yields on the 14.50% FGN JUL 2021 and 14.20% FGN MAR 2024 bonds declined 11bps and 32bps to close at 14.77% and 15.15% respectively.
§We expect cautious trading in tomorrow’s session as market anticipates CBN liquidity mop-up ahead of T-bill maturities due Thursday.
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