SAT MAY 04 2024-theGBJournal| The FGN Bonds market remained relatively calm for the most part of the week, as participants cherrypicked preferred papers amidst limited liquidity.
However, at the end of the week, the revision of the Q2 bond auction calendar sparked increased buying interest, particularly in the 34 papers.
The updated calendar revealed the replacement of the 2034 paper with a new 2033 paper. Consequently, the average benchmark yield dipped by 9 bps WoW, ending the week at 18.75%.
We anticipate a continuation of this trend in the upcoming trading session.
Meanwhile, the FGN Eurobonds market kicked off the week with a bullish stance, driven by perceived attractiveness.
This optimism was fueled by the FED’s decision to keep interest rates unchanged, quelling concerns about a potential rate hike.
Despite minor selloffs prompted by US PMI data later in the week, the FGN Eurobonds market ended on a bullish note, propelled by US data indicating lower-than-expected NFP figures and a slightly higher unemployment rate, causing the average benchmark yield to decrease by 18 bps week over week, settling at 9.61%.
X-@theGBJournal|Facebook-the Government and Business Journal|email:gbj@govbusinessjournal.com|govandbusinessj@gmail.com
