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N117 billion, interbank Call rate declined 187bps to 11.71%. At the FX interbank market, the Naira depreciated 16kobo to close at NGN199.21/USD.
Nigeria_Fixed Income Daily: Sentiment turns mixed in T-bills market
Market commentary
Following the modest improvement in system liquidity to c.​
Amidst a calmly traded session, sentiment turned mixed in the T-bills market (with a mild bullish bias) as demand resurfaced on select maturities despite persistent sell offs on others. Overall, yields declined 5bps on average across the traded maturities with the 35DTM (-35bps), 70DTM (+35bps) and 91DTM(-42bps) recording the most notable changes to close at 6.47%, 8.29% and 8.15% respectively. Meanwhile, trading in the bond market turned bullish amidst a largely quiet session with yields down 13bps on average. Particularly, yields on the 15.10% FGN APR 2017 and 15.54% FGN FEB 2020 recorded the most significant declines, down 21bps and 27bps to close at 12.94% and 14.25% respectively.​
Notwithstanding the gains recorded in today’s T-bills market, we think demand will ease in tomorrow’s session as we note the overall bearish outlook even as investors continue to speculate ahead of the next MPC’s meeting. Similarly, we expect the bond market to trade cautiously as investors stay off duration risk ahead of the meeting.
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