SAT JUNE 01 2024-theGBJournal|Trading in FGN bonds secondary market remained relatively calm amid pockets of offers on few short- and long-dated bonds.
Consequently, the average yield inched higher by 2bps to 18.7% at the end of week’s trading Friday. Across the benchmark curve, the average yield expanded at the short (+4bps) and long (+1bp) ends, following sell pressures on the MAR-2025 (+12bps) and APR-2049 (+3bps) bonds, respectively. Conversely, the average yield closed flat at the mid segment.
The Treasury bonds secondary market is expected to remain quiet following players staying on the sidelines as the month comes to an end.
Analysts at Cordros Research say medium-term expectation is that yields in the market will remain elevated, driven by the anticipated monetary policy administration globally and domestically and sustained imbalance in the demand and supply dynamics.
Meanwhile, the FGN Eurobond market was off to a quiet start due to the U.S and U.K bank holiday.
Bearish sentiments lingered from hawkish sentiments stemming from some FED speakers, but we saw a reversal of this trend following the United States Q1’24 GDP numbers (1.3% vs 1.3%) and core PCE data (2.8% VS 2.8% YoY), coming in as expected.
WoW, the average benchmark yields lost 13bps, settling at 9.62%.
X-@theGBJournal|Facebook-the Government and Business Journal|email:gbj@govbusinessjournal.com|govandbusinessj@gmail.com
