… Treasury bills secondary market traded with bullish sentiments as the average yield contracted by 3bps to 25.7%.
MON DEC 09 2024-theGBJournal| At the FX market, the naira strengthened by 2.4% to N1,540.78/USD in the Electronic Foreign Exchange Matching System (EFEMS), still responding to the Central Bank of Nigeria (CBN) newly introduced Electronic Foreign Exchange Matching System (EFEMS).
Meanwhile, The Treasury bills secondary market traded with bullish sentiments as the average yield contracted by 3bps to 25.7%.
Across the curve, the average yield expanded at the short (+7bps) end following selloffs of the 87DTM (+67bps) bill, while it declined at the mid (-5bps) and long (-6bps) segments driven by demand for the 136DTM (-6bps) and 346DTM (-6bps) bills, respectively. Elsewhere, the average yield contracted by 6bps to 27.3% in the OMO segment.
Proceedings in the FGN bond secondary were quiet, as the average yield closed flat at 19.1%.
Meanwhile, the FGN Eurobonds Market commenced last Monday on a bearish note following the commencement of the 6.5yr and 10yr issuances which closed at 9.625% and 10.375% respectively, with a total of $2.2bn sold against a total subscription of $8.8bn.
The newly issued Eurobonds were the highlight of the week with trades happening at 102 on the new 31s and 103.70 on the 2034 maturity.
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