SAT, DEC 09 2023-theGBJournal|The FGN Bonds market witnessed a bullish trend throughout the week, mainly driven by increased demand for the 53 papers.
As a result, the average benchmark yield closed the week at 15.11%, reflecting a significant 78 bps decline on a week-over-week (WoW) basis.
We anticipate a sustained continuation of this prevailing trend in the upcoming week despite the FGN Bond auction slated for Monday.
Although a selloff ensued toward the week’s close following the release of higher-than-expected US NFP data, with figures reaching 199k compared to the anticipated 180k, FGN Eurobonds concluded the week on a bullish trajectory.
This was chiefly propelled by the superior performance of the ISM Services PMI, ADP employment change metrics, and the announcement of the inaugural batch of oil from the Dangote refinery.
Consequently, the average benchmark yield experienced a decline of 15 bps, settling at 10.37%.
We anticipate a cautious mode in the upcoming week as market anticipates the US CPI data and the FOMC meeting.
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