Home Business Markets Wrap| Bonds yield stays flat at 18.4%, T-Blls yield expands 1bp...

Markets Wrap| Bonds yield stays flat at 18.4%, T-Blls yield expands 1bp to 20% as Naira trades at N1,637.59/$

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TUE SEPT 10 2024-theGBJournal|Treasury bond secondary market traded in a lull on Tuesday, as the average yield closed flat at 18.4%.

Across the benchmark curve, the average yield pared at the short (+1bp) end due to demand for the MAR-2025 (+2bps) bond but closed flat at the mid and long segments.

Trading in the T-bills secondary market was mixed, albeit with a bearish tilt, as the average yield expanded slightly by 1bp to 20.0%.

Across the curve, the average yield increased at the short (+2bps) and long (+2bps) ends, following sell pressures on the 30DTM (+19bps) and 359DTM (+35bps) bills, respectively.

Meanwhile, the average yield declined at the mid (-1bp) segment due to demand for the 177DTM (-1bp) bill. Similarly, the average yield expanded by 20bps to 23.5% in the OMO segment.

The overnight lending rate expanded by 48bps to 31.5% in the absence of any significant funding pressure on the system.

The naira depreciated by 3.5% to NGN1,637.59/USD in the Nigerian Autonomous Foreign Exchange Market (NAFEM).

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