Nigeria_Fixed Income Daily: T-bill yields decline on auction day
- Market commentary
§ Interbank Call rate remained unchanged today at 14.50%. Similarly, at the FX interbank market, the naira held at N304.75 against the dollar at the spot market although the one year forward rate increased N28.15 to settle at N376.29.
§ Trading in the T-bills market turned bullish today amidst yield declines across the entire space. Specifically, yields on the 43DTM (-117bps), 120DTM (-63bps), and 267DTM (-159bps) bills moderated to 17.21%, 18.91%, and 19.74% respectively. Meanwhile, the bond market traded flat today amidst tepid trading volumes. Nevertheless, yield on the 12.40% FGN MAR 2036 bond moderated 4bps to 15.44% whilst yields on the 14.20% FGN MAR 2034 bond and 12.1493% FGN JUL 2034 bonds advanced 2bps each to settle at 15.02% and 15.13% respectively.
§ Whilst we note relatively healthy demand for T-bills, we expect tomorrow’s trading to hinge on the results of the Primary Market Auction held today.
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