Nigeria_Fixed Income Daily: T-bills trade mixed
Market commentary
System liquidity improved significantly to c.​In anticipation of the liquidity inflow, the CBN issued an OMO auction, offering N100 billion on the 315 DTM but no sale was made eventually. Consequently, trading in the T-bills market remained mixed with the robust system liquidity supporting demand on some maturities whilst sell offs persisted on others. Overall, yields declined 5bps on average with the 21DTM (-43bps), 49DTM (+36bps), 161DTM (-31bps) and 301DTM (+34bps) recording the most notable changes in yields. Similarly, the bond market traded mixed (though quiet for most of the session) as investors continued to cherry pick across maturities. Notably, yield on the 15.10% FGN APR 2017 advanced 19bps to 11.11% whilst yield on the 16.00% FGN JUN 2019 declined 25bps to 13.73%.
Barring any OMO auction, we expect the robust system liquidity to support demand in T-bills market tomorrow. However, we expect an overall bearish sentiment in bond market as investors remain cautious.
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