Nigeria_Fixed Income: Yields trend northwards following auction rates
​Following the higher than expected rates recorded at yesterday’s PMA (particularly on the 1-year bill), yields in the T-bills market trended northwards in today’s session (up 39bps on average) with the most sizeable selloff recorded on the short end of the space. Particularly, the 14DTM(+225bps), 35DTM(+170bps), and 84DTM(+130bps) bills recorded the most notable upticks, closing at 5.22%, 4.36%, and 7.11% respectively. Despite modest demand on the short end of the bond market, overall sentiment remained broadly bearish as yields advanced across other maturities, up 13bps on average. Notably, yields on the 16.00% FGN JUN 2019 and 12.40% FGN MAR 2036 bonds rose 67bps and 35bps to 12.77% and 13.44% respectively.
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