Nigeria_Fixed Income Daily: T-bill yields trend further south
- Market commentary
§ Interbank Call rate advanced 67bps to 13.67% amidst relatively unchanged system liquidity. At the FX interbank market, the naira rebounded from a historic low, appreciating N44.95 against the dollar to close at N305.27. Meanwhile, the one year forward rate increased N27.64 to close at N348.64.
§ The T-bills market remained bullish in today’s trading session as strong buying momentum on short-dated maturities led to a 31bps moderation in average yield. In particular, yields on the 9DTM (-381bp), 30DTM (-145bps), and 37DTM (-112bps) bills moderated to 11.32%, 11.38%, and 11.29% respectively. Meanwhile, the bond market traded mixed with average yields on benchmark bonds unchanged. Nonetheless, yield on the 12.50% FGN JAN 2026 bond advanced by a mild 1bp to 15.47% whilst yield on the 14.20% FGN MAR 2024 bond moderated 2bps to close at 15.06%.
§ Whilst we expect demand to remain healthy in the T-bills space (barring any CBN liquidity mop up), we expect the mixed trading to persist in the bond space.
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