Nigeria_Fixed Income Daily: Mixed trading on PMA day
- Market commentary
§ At today’s T-bills PMA, the CBN offered a total of N242.4 billion across the 91DTM (N45.2 billion), 182DTM (N80.0 billion), and 364DTM (N117.2 billion) bills. However, Interbank call rate declined 66bps to 5.42%. On the currency front, the naira remained unchanged at N305.25 at the spot market whilst the one year forward rate depreciated N29.00 to N378.00.
§Amidst the PMA, the T-bills market traded relatively quiet with yields declining 5bps on average. Notably, yields on the 36DTM (-86bps), 190DTM (-5bps) and 351DTM (-29bps) bills declined to close at 12.44%, 19.34% and 21.81% whilst yields on the 120DTM and 239DTM bills rose 163bps and 38bps to 17.09% and 20.50% respectively. The Bond market traded slightly bullish with yields moderations recorded across most traded instruments. Particularly, yields on the 14.50% FGN JUL 2021, 12.50% FGN JAN 2026 and the 12.40% FGN MAR 2036 bonds declined 7bps each to 16.32%, 16.65% and 16.73% respectively.
§ In the coming session, we expect the result of the Primary Market Auction to dictate trading in the T-bills market.
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