MON 25 OCT, 2021-theGBJournal- The Treasury bond secondary market was bullish, as the average yield contracted slightly by 3bps to 11.3%. Across the benchmark curve, the average yield contracted at the short (-4bps), mid (-1bp), and long (-4bps) segments following demand for the MAR-2027 (-20bps), JUL-2030 (-2bps) and MAR-2035 (-7bps) bonds, respectively.
Trading in the NTB secondary market was bearish, as the average yield expanded by 15bps to 5.5%. Across the benchmark curve, the average yield was flat at the short and mid segments but expanded at the long (+79bps) end following the introduction of the 339DTM (+6.7%) and 353DTM (+7.2%) bills. Similarly, the average yield at the OMO segment expanded by 3bps to 6.5%.
The overnight lending rate contracted by 325bps to 16.0% in the absence of any significant funding pressures on the system.
The local currency, the naira closed flat at NGN415.07/USD at the I&E window.
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