TUE JUNE 13 2024-theGBJournal|The FGN bond secondary market traded with mixed sentiments today, albeit with a bearish tilt, as the average yield expanded by 1bp to 18.6%. Across the benchmark curve, the average yield increased slightly at the short (+1bp) end due to the sell-off of the MAR-2025 (+4bps) bond but remained unchanged at the mid and long segments.
Activities in the NTB secondary market was bullish, as the average yield contracted by 2bps to 21.9%. Across the curve, the average yield declined at the short (-2bps), mid (-2bps), and long (-1bp) segments following interests in the 91DTM (-3bps), 182DTM (-3bps), and 343DTM (-3bps) bills, respectively. Similarly, the average yield dipped by 8bps to 21.8% in the OMO segment.
Meanwhile, the overnight lending rate expanded by 53bps to 31.2% in the absence of any significant funding pressure on the system.
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