Home Money Markets Wrap| Treasury bills yield expands by 2bps to 4% after bearish...

Markets Wrap| Treasury bills yield expands by 2bps to 4% after bearish trade, bond yield unchanged and Naira drops 0.1% to N420.25/$

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MON, 06 JUNE, 2022-theGBJournal| Trading in the Treasury bills secondary market was bearish, as the average yield expanded by 2bps to 4.0%.

Across the curve, the average yield contracted at the mid (-8bps) segment as investors demanded the 171DTM (-19bps) bill but expanded at the long (+9bps) end due to profit-taking on the 276DTM (+72bps) bill.

The average yield closed flat at the short end. Similarly, the average yield was unchanged at 4.4% in the OMO segment.

The Treasury bonds secondary market traded quietly, as the average yield was unchanged at 11.1%. Across the benchmark curve, the average yield pared at the short (-1bp) end as investors demanded the MAR-2025 (-15bps) bond. Conversely, the average yield was flat at the mid and long segments.

The overnight lending rate expanded by 8bps to 7.1%, in the absence of any significant funding pressure on the system.

Meanwhile, the naira depreciated by 0.1% to NGN420.25/USD at the I&E window.

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