MON AUG 12 2024-theGBJournal|The FGN bond secondary market on Monday closed on a bullish note, as the average yield contracted by 4bps to 19.6%.
Across the benchmark curve, the average yield rose marginally at the short (+1bp) end as players sold off the JAN-2026 (+4bps) bond.
Meanwhile, the average yield declined at the mid (-7bps) and long (-5bps) segments, due to demand for the JUN-2033 (-34bps) and JUN-2053 (-42bps) bonds, respectively.
The NTB secondary market traded with bullish sentiments, as the average yield dipped by 17bps to 25.6%.
Across the curve, the average yield declined at the short (-4bps), mid (-5bps) and long (-30bps) segments, driven by buying interests in the 87DTM (-5bps), 150DTM (-6bps) and 192DTM (-201bps) bills, respectively. Conversely, the average yield increased by 4bps to 26.2% in the OMO segment.
The overnight lending rate expanded by 278bps to 36.8%, in the absence of any significant funding pressure on the system.
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