SAT MAY 11 2024-theGBJournal| The FGN local bond Market traded on a bullish note with emphasis on the off-the-run bonds while the FEB 2031 bond remained largely offered at 19.60%.
We saw strong demand on the 53s with firm bids at 17.63% and offers at 17.50%. The 2050 bond was also bid at 17.90% and offered at 17.50%. Furthermore, we saw the old 29s offered at 17.10% and the Feb 34s trade 19.55% on the bid and 19.40% on the offer.
WoW, the average benchmark yields slid 21bps, settling at 18.54%.
Analysts at Comercio Partners say they expect a calm session as focus will be skewed to the outcome of the auction.
Meanwhile, the FGN Eurobond market was off to a quiet start this week as foreign counterparts observed the bank holiday.
Bearish sentiments trickled into the market as news of higher for longer rates by some FEDs speakers spooked investors. The negative bias persisted despite initial jobless claims printing higher at 231K versus 210K consensus and a previous of 209K.
The market finished on a bullish note as the University of Michigan’s Consumer Sentiment Index fell below preliminary estimates for May, sharing a print of 67.4 against expectations for 76.2. WoW, the average benchmark yields dipped 10bps, settling at 9.51%.
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