Nigeria_Fixed Income Daily: Upbeat close to T-bill trading
- Market commentary
§ Interbank Call rate declined a marginal 83bps to 14.00% amidst relatively unchanged liquidity. At the FX interbank market, the naira remained unchanged against the dollar at N304.75 with the one year forward rate also unchanged at N348.14.
§ The T-bills market closed the week upbeat as yields trended 15bps lower on average. Demand was spread evenly across the space with yields on the 27DTM (-217bps), 76DTM (-100bps), and 258DTM (-174bps) bills dropping to 14.71%, 16.40%, and 19.44% respectively. Meanwhile, the bond market traded mixed during a subdued trading session. The yield on the 16.39% FGN JAN 2022 bond moderated 7bps to 14.81% whilst the yield on the 12.50% FGN JAN 2026 bond advanced 8bps to close at 15.37%.
§ With Federal Account Allocation Committee (FAAC) inflow expected at the start of next week, we expect improved liquidity to support demand across the fixed income space, barring CBN liquidity mop up.
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