…NTB PMA is expected to be conducted next Wednesday (25 September), where the DMO is expected to roll over N227.54 billion worth of maturities.
SAT SEPT 21 2024-theGBJournal| Proceedings in the FGN bonds secondary market turned bullish this week as investors reinvested coupon payments.
Consequently, the average yield declined by 19bps to 18.7%.
Across the benchmark curve, the average yield declined at the short (-27bps) and long (-2bps) segments following demand for the APR-2029 (-143bps) and JUN-2053 (-20bps) bonds, respectively, while it advanced at the mid (+2bps) end driven by profit-taking activities on the JUN-2033 (+38bps) bond.
At the auction, the Debt Management Office (DMO) is set to offer instruments worth N150 billion through re-openings of the 19.30% FGN APR 2029, 18.50% FGN FEB 2031 and 19.89% FGN MAY 2033 bonds.
Trading in the Treasury bills secondary market maintained the bearish trend from the previous week following the still tight system liquidity.
Thus, the average yield across all instruments rose by 26bps to 21.8%. Across the market segments, the average yield advanced by 52bps to 20.8% in the T-bills segment and declined by 21bps to 23.4% in the OMO segment.
In addition, an NTB PMA is expected to be conducted next Wednesday (25 September), where the DMO is expected to roll over N227.54 billion worth of maturities.
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