WED MAY 15 2024-theGBJournal|Sentiments in the FGN bond secondary market was mixed Wednesday, as the average yield remained at 18.5%.
Across the benchmark curve, the average yield expanded marginally at the short (+1bp) and long (+3bps) following sell pressures on the MAR-2025 (+2bps) and APR-2049 (+19bps) bonds, respectively.
Elsewhere, the average yield declined at the mid (-9bps) segment as participants demanded the FEB-2031 (-21bps) bond.
Trading in the T-bills secondary market closed on a bullish note, as the average yield declined by 2bps to 22.4%.
Across the curve, the average yield declined at the short (-1bp) and long (-8bp) ends driven by interests in the 22DTM (-2bps) and 302DTM (-51bps) bills, respectively.
Conversely, the average yield advanced at the mid (+10bps) segment as players took profits off the 162DTM (+33bps) bill. Likewise, the average yield contracted by 1bp to 20.1% in the OMO segment.
The overnight lending rate expanded by 125bps to 31.8%, following debits for the May 2024 FGN bond auction (N682.07 billion).
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