Nigeria_Fixed Income Daily: Improved system liquidity supports demand in the T-bills market
​Trading in the T-bills market turned mixed as an improved system liquidity spurred modest demand on the short end of the bills space (yields down 7bps on average), whilst sentiment across the mid-long dated maturities remained bearish (yields up 13bps on average). Consequently, yields on the 63DTM (-33bps) and 70DTM (-20bps) bills moderated to close at 7.57% and 7.96% respectively, whilst the 105DTM (+35bps) and 294DTM (+29bps) bills recorded the most notable yield upticks to close at 7.93% and 10.02% respectively. However, sell pressure persisted across most maturities in the bond market as yields rose 10bps on average. Selling was most sizeable on the extreme ends of the bond space. Notably, yields on the 15.10% FGN APR 2017 and 12.40% FGN MAR 2036 bonds rose 31bps and 29bps to 10.40% and 12.73% respectively.
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