THUR FEB 19 2026-theGBJournal| Treasury yields fell on Thursday as markets traded on a bullish note after Debt Management Office (DMO) NTB primary market auction.
The NTB secondary market traded on a bullish note, as the average yield contracted by 14bps to 17.3%. Across the curve, the average yield contracted at the short (-9bps), mid (-8bps) and long (-20bps) segments, driven by the demand for the 77DTM (-51bps), 105DTM (-50bps) and 273DTM (-117bps) bills, respectively.
Similarly, the average yield contracted by 6bps to 20.8% in the OMO segment.
At yesterday’s NTB primary market auction, the DMO offered N1.15 trillion across tenors, attracting robust demand with total subscriptions of N4.28 trillion, translating to a bid-to-offer ratio of 3.7x.
The DMO ultimately allotted N1.91 trillion, implying a bid-to-cover ratio of 2.2x. Stop rates declined on the 91-Day tenor by 4bps to 15.80% and on the 364-Day tenor by 109bps to 15.90%, while the 182-Day tenor was left unchanged at 16.65%.
Elsewhere, the FGN bond secondary market traded on a bullish note, as the average yield contracted by 3bps to 15.9%.
Across the benchmark curve, the average yield contracted at the short (-1bp) and mid (-13bps) segments, driven by the demand for the APR-2029 (-5bps) and APR-2032 (-47bps) bonds, respectively, but closed flat at the long end.
Meanwhile. the overnight lending rate expanded by 4bps to 22.9% in the absence of any significant funding pressure on the system.
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