Home Business Markets Wrap| FGN bonds yield rises 7bps as treasury bills yield slides...

Markets Wrap| FGN bonds yield rises 7bps as treasury bills yield slides 5bps; Naira falls 1.4% at NAFEM

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MON SEPT 23 2024-theGBJournal| Bearish sentiments prevailed in the Treasury bond secondary market, as the average yield expanded by 7bps to 18.5%.

Across the benchmark curve, the average yield expanded at the short (+29bps) end following the selloff of the MAR-2025 (-102bps) bond but declined slightly at the mid (-1bp) segment due to demand for the JUN-2033 (-6bps) bond.

The average yield closed flat at the long end.

The overnight lending rate contracted by 917bps to 20.8% in the absence of any significant inflows into the system.

The naira depreciated by 1.4% to NGN1,562.66/USD in the Nigerian Autonomous Foreign Exchange Market (NAFEM).

Trading in the Treasury bills secondary market was bullish, as the average yield contracted by 5bps to 20.8%.

Across the curve, the average yield declined at the short (-3bps), mid (-4bps), and long (-6bps) segments due to demand for the 73DTM (-3bps), 171DTM (-4bps), and 185DTM (-29bps) bills, respectively.

In contrast, the average yield expanded by 19bps to 23.6% in the OMO segment.

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