FRI DEC 05 2025-theGBJournal| The Treasury bond secondary market closed on a bearish note, as the average yield expanded by 5bps to 15.6%.
Across the benchmark curve, the average yield expanded at the short (+15bps) end, driven by profit taking activities in the JUL-2030 (+42bps) bond, but remained unchanged at mid and long segments.
The NTB secondary market traded on a calm note, as the average yield remained unchanged at 17.0%.
Across the curve, the average yield contracted at the short (-2bps) end, driven by the demand for the 91DTM (-7bps) bill, but it expanded at the mid (+1bp) segment due to the sell-off of the 182DTM (+14bps) bill. The average yield closed flat at the long end. Meanwhile, the average yield contracted by 1bp to 21.9% in the OMO segment.
At Tuesday’s NTB primary market auction, the Debt Management Office (DMO) offered N700.00 billion worth of bills with aggregate subscription reaching N774.84 billion (bid-to-offer: 1.1x).
Eventually, the DMO sold N709.62 billion (bid-to-cover: 1.1x), maintaining stop rates on the 91-Day at 15.30% and the 182-Day at 15.50%, while the stop rate on the 364-Day bill increased markedly by 146bps to 17.50%.
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