Nigeria_FixedIncomeDaily: Yields moderate as foreign investors dip in
- Market commentary
§Amidst improved system liquidity, Interbank Call rate moderated to 26.17% (from 36.33%). At the FX interbank market, the naira appreciated N1.44 to close at N307.25.
§Fixed income markets traded bullish on the first day of the CBN Monetary Policy Committee meeting. In the T-bills market, yields declined 17bps on average amidst modest demand across the entire space. The most significant yield declines were on the 80DTM (-152bps), 150DTM (-63bps), and 332DTM (-90bps) bills as they closed at 14.28%, 18.47%, and 21.38% respectively. The bond market also traded bullish as relatively strong offshore demand drove yields on the benchmark bonds 11bps lower on average. Demand was heavily concentrated on auction bonds as the yields on the 12.50% FGN JAN 2026 and 12.40% FGN MAR 2036 bonds moderated 20bps and 25bps to close at 15.13% and 15.19% respectively.
§ It remains to be seen whether recent offshore demand will be sustained and we expect more cautious trading in tomorrow’s session as investors eye the outcome of the CBN Monetary Policy Committee meeting.
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