SAT, DEC 09 2023-theGBJournal|The Treasury Bills market started the week on a cautious mode as market positioned ahead of the NTB auction which held during the week.
At the auction, the DMO offered N104.35 billion across the 91-, 182-, and 364-day papers.
Total subscription at the auction was 1.81 trillion while about 604.255 billion was allotted to the market with stop rates at 9%, 13%, and 15.75% against previous levels of 8%, 12%, and 16.75% for the papers.
Following this, improved demand was witnessed particularly on the newly issued 1-year paper (5-Dec-24).
However, this demand dwindled by the week’s end due to low liquidity in the system, resulting in trades occurring around the 14% level, up from the previous 13%. Hence, the average benchmark yield rose by 28 bps, ending the week at 10.48%.
We anticipate a similar sentiment in the upcoming week in anticipation of the next NTB auction on Wednesday.
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