MON MAY 13 2024-theGBJournal| The FGN bond secondary market traded calmly Monday, as the average yield inched higher by 1bp to 18.5%.
Across the benchmark curve, the average yield expanded at the short (+2bps) end as players sold off the MAR-2025 (+5bps) bond but was flat at the mid and long segments.
Trading in the NTB secondary market was bullish, as the average yield contracted by 4bps to 22.4%.
Across the curve, the average yield declined at the short (-4bps), mid (-3bps) and long (-4bps) segments driven by interest in the 10DTM (-6bps), 178DTM (-3bps) and 346DTM (-5bps) bills, respectively.
Similarly, the average yield decreased by 3bps to 20.0% in the OMO segment.
At the money market, the overnight lending rate expanded by 64bps to 29.0%, in the absence of any significant funding pressure on the system.
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