MON APRIL 28 2025-theGBJournal| The FGN bond secondary market closed quiet Monday, albeit with a bearish undertone.
The average yield rose 1bp to 18.7%, as investors relish reopening of the April 2029 and May 2033 bonds.
The benchmark curve saw average yield expanding at the short (+1bp) and mid (+2bps) segments, driven by profit-taking activities on the JUL-2030 (+6bps) and FEB-2031 (+9bps) bonds, respectively.
However, the average yield remained unchanged at the long end.
Recall that Last week, the Debt Management Office (DMO) released the bond issuance calendar for the second quarter. Two new bonds, January 2030 and January 2032—were introduced alongside the reopening of the April 2029 and May 2033 bonds.
At the Treasury bills secondary market, trade closed with bullish sentiments, as the average yield contracted by 4bps to 20.8%.
Across the curve, the average yield declined at the short (-3bps), mid (-3bps) and long (-5bps) segments, driven by demand for the 87DTM (-3bps), 178DTM (-3bps) and 269DTM (-8bps) bills, respectively.
Similarly, the average yield declined by 7bps to 27.1% in the OMO segment.
Meanwhile, the overnight lending rate remained unchanged at 26.9% amid inflows from FGN bond coupon (N259.96 billion).
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