MON JAN 06 2025-theGBJournal| The FGN bond secondary market was quiet as the average yield inched higher by 1bp to 19.4%.
Across the benchmark curve, the average yield increased at the short (+2bps) end, driven by sell pressures on the JAN-2026 (+7bps) bond, but closed flat at the mid and long segments.
Meanwhile, the FGN Eurobonds market started the year on a bullish note, with positive sentiment sustained throughout last week.
Stronger-than-expected U.S. economic data, including Initial Jobless Claims at 211K (vs. 221K forecast) and an increase in ISM Manufacturing PMI to 49.3 (from 48.4 in November), supported market optimism.
Additionally, the S&P Global Manufacturing PMI exceeded expectations, coming in at 49.4 (vs. 48.3 forecast).
Week-on-week, the average benchmark yield declined by 19bps to 9.32%
Proceedings in the Treasury bills secondary market were bullish as the average yield declined by 5bps to 25.4%.
Across the curve, the average yield declined at the short (-5bps), mid (-5bps), and long (-6bps) segments, driven by demand for the 80DTM (-5bps), 171DTM (-5bps), and 318DTM (-6bps) bills, respectively. Conversely, the average yield expanded by 36bps to 27.5% in the OMO segment.
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