MON AUG 11 2025-theGBJournal| The FGN bond secondary market traded on a bearish note, as the average yield expanded by 3bps to 16.3% underpinned by continued sell pressures following the stronger-than-expected print of the OMO PMA last week.
Across the benchmark curve, the average yield contracted at the short (-5bps) end, driven by the demand for the APR-2029 (-36bps) bond, but expanded at the mid (+2bps) and long (+9bps) segments due to profit-taking activities on the APR-2032 (+6bps) and APR-2037 (+53bps) bonds, respectively.
At the NTB secondary market traded on a bullish note, as the average yield contracted by 3bps to 17.9%.
Across the curve, the average yield contracted at the short (-7bps) and mid (-7bps) segments, driven by demand for the 87DTM (-37bps) and 101DTM (-73bps) bills, respectively, while it was unchanged at the long end. Similarly, the average yield contracted by 9bps to 24.5% in the OMO segment.
The overnight lending rate remained unchanged at 27.0%, closing at a net long position (N313.92 billion).
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