TUE AUG 20 2024-theGBJournal|The Treasury bonds secondary market traded on a calm note albeit with a bearish tilt, as the average yield expanded slightly by 1bp to 19.4%.
Across the benchmark curve, the average yield increased at the short (+1bp) and mid (+2bps) segments due to the selloff of the MAR-2025 (+4bps) and FEB-2031 (+5bps) bonds, respectively but closed flat at the long end.
Trading in the Treasury bills secondary market remained bullish, as the average yield contracted by 14bps to 23.0%. Across the curve, the average yield declined at the short (-1bp) and long (-31bps) ends due to buying interest in the 79DTM (-1bp) and 198DTM (-200bps) bills but expanded in the mid (+4bps) segment as players sold off the 170DTM (+36bps) bill.
Similarly, the average yield contracted by 2bps to 25.8% in the OMO segment.
The overnight lending rate expanded by 499bps to 34.4% in the absence of any significant funding pressure on the system.
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