…The Debt Management Office (DMO) is set to offer instruments worth N100 billion through the re-openings of the APR-2029 bond and JUN-2032 bonds.
SAT JULY 26 2025-theGBJournal| The Treasury bills secondary market was broadly mixed, with a bullish tilt, broadly reflecting the improvement in financial system liquidity.
The average yield across all instruments contracted by 6bps to 21.3%. Across the market segments, the average yield declined by 12bps to 17.7% at the NTB segment expanded by 1bp to 24.7% at the OMO segment.
At Wednesday’s NTB auction, the Central Bank of Nigeria (CBN) offered bills worth N290.00 billion – N50.00 billion for the 91D, N20.00 billion for the 182D, and N220.00 billion for the 364D bills.
Total subscription levels settled at N675.66 billion (previous auction: N1.33 trillion), indicating a bid-to-offer ratio of 2.3x (previous auction: 6.6x).
The auction closed with the CBN allotting exactly what was offered– N13.11 billion for the 91D, N5.10 billion for the 182D, and N271.79 billion for the 364D papers – at respective stop rates of 15.00% (previous: 15.74%), 15.50% (previous: 16.20%) and 15.88% (previous: 16.30%).
The FGN bond secondary market was bullish as institutional investors sought to invest their coupons.
The average yield for bonds declined by 29bps to 16.3%. Across the benchmark curve, the average yield decreased at the short (-35bps), mid (-43bps), and long (-17bps) segments, driven by heightened demand for the APR-2029 (-48bps), APR-2032 (-69bps), and MAR-2036 (-40bps) bonds, respectively.
Meanwhile, the Debt Management Office (DMO) is set to offer instruments worth N100 billion through the re-openings of the APR-2029 bond and JUN-2032 bonds.
The overnight (OVN) rate contracted by 575bps w/w to 26.9% as system liquidity was bolstered by inflows from the net NTB maturities (N37.00 billion), FGN bond coupon payments (N284.73 billion) and FAAC disbursement (N850.00 billion).
Owing to the high liquidity influx, the average system liquidity improved, settling at a net long position of NGN214.13 billion (compared to a net short position of N465.18 billion in the previous week).
X-@theGBJournal|Facebook-the Government and Business Journal|email:gbj@govbusinessjournal.com|govandbusinessj@gmail.com
