Nigeria_Fixed Income Daily: Mixed trading surfaces
​§Amidst persistent tight system liquidity, Interbank Call rate climbed further, up 467bps to 28.50%. At the FX interbank market, the naira depreciated N0.60 to close at N306.93.
§The T-bills market traded somewhat bullish today as yields moderated 11bps on average. The most significant declines were on the 35DTM (-164bps), 217DTM (-338bps), and 343DTM (-129bps) bills which settled at 15.16%, 16.71%, and 21.09% respectively. However, the bond market was markedly mixed as buying momentum on short-dated maturities tempered advances across the rest of the space. In particular, whilst yield on the 16.00% FGN JUN 2019 bond moderated 8bps to 14.70%, yields on the 12.50% FGN JAN 2026 and 12.40% FGN MAR 2036 advanced 7bps and 6bps to 15.49% and 15.51%, closer to auction levels.
§ Given persistent tight liquidity, we expect cautious trading at week close as investors continue to cherry-pick across the curve.
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