Nigeria_Fixed Income Daily: T-bill yields fall despite tight liquidity
​§Amidst relatively unchanged liquidity, Interbank Call rate moderated slightly to 14.33% (-34bps). In the FX Interbank market, the naira appreciated N7.68 to close at N305.31 but the one year forward rate rose N36.60 to N388.20.
§The T-bills market traded relatively bullish as yields moderated 11bps on average. The declines were particularly stark on the long-dated bills as yields on the 322DTM (-36bps) and 357DTM (-35bps) bills declined to 21.40% and 22.16% respectively. Meanwhile, the bond market continued its bearish streak with yields on most benchmark bonds inching higher. Notably, yield on the 12.50% FGN MAR 2036 bond moderated 10bps to 15.03% but this was outweighed by advances in the yields of the 14.20% FGN MAR 2024 (-12bps) and 12.1493% FGN JUL 2034 (-4bps) bonds as they closed at 15.02% and 14.94% respectively.
§ Despite improved buying momentum in the bills space, persistently tight liquidity dampens our optimism about market sentiment at week close.
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