Nigeria_Fixed Income Daily: Slightly upbeat start to week
​§ Amidst relatively unchanged liquidity, Interbank Call rate moderated slightly (-17bps) to 14.17%. At the FX Interbank market, the naira depreciated N8.69 to close at N320.31 whilst the one year forward rate remained unchanged at N388.20.
§Fixed income markets began the final quarter of the year on a somewhat mixed note ahead of the CBN Primary Market Auction (PMA) to be held on Wednesday. The T-bills market traded mixed with a slightly bullish bias as yields moderated 7bps on average. In particular, yield on the 170DTM (-140bps) bill declined to 18.25% whilst yield on the 219DTM (+108bps) bill advanced to 20.37%. Bullish sentiment was more evident in the bond market amidst strong demand on mid-dated bond maturities. In particular, yields on the 16.39% FGN JAN 2022 and 12.50% FGN JAN 2026 bonds moderated 16bps and 9bps to close at 14.79% and 15.17% respectively.
§ Whilst we note the slightly upbeat start to the week, we expect relatively cautious trading tomorrow as market participants eye activities at the PMA.
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