MON 06 DEC, 2021-theGBJournal- Trading in the Treasury bond secondary market was bearish, as the average yield expanded by 9bps to 11.4%.
Across the benchmark curve, the average yield contracted slightly at the short (-1bp) end due to demand for the APR-2023 (-2bps) bond but expanded at the mid (+34bps) and long (+2bps) segments as investors sold off the FEB-2028 (+41bps) and MAR-2035 (+11bps) bonds, respectively.
The NTB secondary market was quiet, albeit with a bullish bias, as the average yield pared by 1bp to 4.5%. Across the curve, the average yield stayed flat at the short and mid-segments but contracted at the long (-2bps) end following demand for the 352DTM (-19bps) bill. Elsewhere, the average yield was flat at 5.5% in the OMO segment.
The overnight lending rate was unchanged at 15.8% in the absence of any significant funding pressures on the system.
At the currency market, the naira depreciated by 0.1% to NGN415.00/USD at the I&E window.
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