SAT, AUGUST 12 2023-theGBJournal |The FGN local bond market traded on a quiet note with a bearish bias with minimal activity skewed to the 2026, 2037, and 2050 bonds offered at 11.90%, 14.90% and 15.00%, respectively.
Sequel to the OMO auction held on Thursday, we saw improved offers across the curve with the 2053s offered at 15.50%. WoW, the average benchmark yields advanced 23bps, settling at 13.66%.
We expect a subdued session as the bond auction remains in focus.
The FGN Eurobond market traded on mixed sentiments characterized by the release of the United States CPI data which showed that headline inflation inched up to 3.2% from 3%, contrary to the 3.3% expectation and the release of CBN’s audited numbers and interpretation of lower-than-expected FX reserves.
Furthermore, the average benchmark yields rose 50bps week-on-week, settling at 10.72%.
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