Nigeria_Fixed Income Daily: Yields rise further at week close
- Market commentary
§ Interbank Call rate advanced 17bps to 12.50% amidst a relatively unchanged system liquidity. At the FX interbank market, the CBN FX spot rate held at N305.50 against the dollar whilst the one year forward rate decreased N6.00 to N349.00.
§ The T-bills market bucked recent trend to trade bearish with yields rising 13bps on average. Sell pressure was weighted around the mid-dated maturities with yields on the 153DTM (+103bps) and 188DTM (+74bps) bills rising to 19.60% and 20.50% respectively. Likewise, the bond market traded severely bearish as yields continued their recent ascent, rising 28bps on average during today’s session. Notable advances were observed on the yields of some of the mid-dated bonds with the 16.39% FGN JAN 2022 and 14.20% FGN MAR 2024 bonds rising 39bps and 35bps to settle at 15.78% and 15.89% respectively.
§ Bearish sentiment currently reigns in the fixed income market and we expect very cautious trading at the start of next week ahead of the final Monetary Policy Committee meeting of the year.
Vetiva provides clients with independent and unbiased access to analysis and opinion. We keep our clients on the cutting edge of market information and provide up to date market intelligence on quoted companies. Our services allow brokers, investment firms, and asset managers focus their energies on developing investment strategies and client relationships.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.