Nigeria_Fixed Income Daily: Yields moderate as bulls take charge
- Market commentary
§ At the FX interbank market, the naira spot rate appreciated N0.50 against the greenback, closing at N304.50. Meanwhile, Interbank Call rate declined 557bps to 8.26% supported by improved liquidity.
§The T-bills market traded mixed with a slight bullish tilt as yields declined 8bps on average. Most of the moderations were recorded on the short to mid-term of the space. Notably yields on the 84DTM (-50bps), 119DTM (-137bps) and 154DTM (-50bps) bills declined to close at 13.85%, 14.72% and 17.16%. However, the Bond market turned bullish following recent sell-offs. On average, yields on benchmark bonds declined 7bps with most maturities recording moderations. In particular, yields on the 16.39% FGN JAN 2022 and 14.20% FGN MAR 2024 moderated 7bps apiece to close at 16.09% and 16.02% respectively.
§ Barring any liquidity mop up, we expect the T-bills market to remain bullish. For the bond market, we foresee a mixed trading at week close.
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