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Bonds: DMO offering instruments worth NGN150.00 billion in the coming week, average yields expands by 50bps to 12.2% on bearish sentiments

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SAT 17 JULY, 2021-theGBJournal- Bearish sentiments persisted in the Treasury bonds secondary market investors cherry-picked instruments across the curve. 

Specifically, average yields expanded by 50bps to 12.2%. Across the benchmark curve, we observed duration apathy as average yield contracted at the short (-88bps) end following demand for the JUL-2021 (-382bps), while it expanded at the mid (+11bps) and long (+39bps) segments following an upward re-pricing in the JUL-2030 (+20bps) and JUL-2034 (+79bps) bonds, respectively.

Next week, we expect the outcome of the bond auction to influence the direction of yields in the bonds secondary market. At the auction, the DMO will be offering instruments worth c. NGN150.00 billion through re-openings of the 13.98% FGN FEB 2028, 12.40% FGN MAR 2036 and 12.98% FGN MAR 2050 bonds.-With Cordros Research

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