SAT JUNE 08 2024-theGBJournal|The FGN local bond Market traded on a calm note with demand skewed to the FEB 2034 bond quoted 19.92/19.85%.
The new 2027 bond was bid at 19.65 and offered at 19.50% while trades were consummated on the new 29s at 19.35%.
We also saw minimal demand on the off-the-run 29-year bond bid at 17.52% while offers were scarce. Furthermore, we saw firm bids on the new 33s at 19.97% while offers were at 19.95%. Week-on-week, the average benchmark yield rose 4bps to 18.61%.
Meanwhile, the FGN Eurobond market traded on a mixed bias this week on the back of varying macroeconomic data. The ISM Manufacturing PMI printed lower at 48.7 vs. the consensus of 49.6 and a previous of 49.2.
We also saw the S&P Global Manufacturing PMI print higher at 51.3 vs 50.9 expected (50.9 prior). Factory Orders grew 0.7% MoM versus 0.6% consensus. Furthermore, the JOLTS openings data printed at 8.059M below the expectation of 8.34M.
While the ISM Services PMI printed higher at 53.8 vs 50.8 consensus and 49.4 prior, the ADP Employment Change printed at 152K vs expectations of 173K. Initial Jobless Claims printed higher at 229K vs 220K consensus and 221K previous.
Finally, the Nonfarm Payroll showed that 272K jobs were added against the expectations of 185K jobs. Week-on-week, the average benchmark yields gained 4bps, settling at 9.66%.
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