TUE JAN 27 2026-theGBJournal| The FGN bond secondary market traded on a quiet note on Monday, with the average yield unchanged at 15.7%.
Across the benchmark curve, the average yield contracted at the mid (-1bp) segment, driven by buying interest in the JUN-2033 (-4bps) bond, but remained unchanged at the short and long ends.
Meanwhile, at yesterday’s FGN bond auction, the Debt Management Office (DMO) reopened the FEB-2031, FEB-2034 and JAN-2035 bonds, offering a total of N900.00 billion.
Total demand settled at N2.25 trillion (bid-to-offer: 2.5x), with the DMO eventually allotting N1.54 trillion (bid-to-cover: 1.5x) at respective stop rates of 17.62%, 17.50%, and 17.52%.
In contrast, treasury bills secondary market were bullish, as the average yield contracted by 2bps to 18.4%.
Across the curve, the average yield expanded at the short (+1bp) end driven by the selloff of the 59TM (+20bps) bill but contracted at the mid (-3bps) and long (-5bps) segments due to the demand for the 178DTM (-3bps) and 360DTM (-25bps) bills, respectively.
Conversely, the average yield expanded by 1bp to 22.4% in the OMO segment.
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