THUR JUNE 20 2024-theGBJournal|The FGN bond secondary market traded with bearish sentiments Thursday, as the average yield rose by 10bps to 18.7%.
Across the benchmark curve, the average yield increased at the short (+8bps) and long (+17bps) ends, following profit-taking activities in the MAR-2027 (+14bps) and JUN-2038 (+96bps) bonds, respectively.
Meanwhile, the average yield declined at the mid (-7bps) segment due to demand for the APR-2032 (-17bps) bond.
Similarly, the NTB secondary market closed on a bearish note as the average yield expanded by 10bps to 21.9%.
Across the curve, the average yield advanced at the short (+18bps) and long (+11bps) ends driven by selloffs of the 35DTM (+135bps) and 280DTM (+71bps) bills, respectively.
Conversely, the average yield pared at the mid (-1bp) segment due to mild interest in the 175DTM (-1bp) bill. Elsewhere, the average yield inched higher by 1bp to 21.7% in the OMO segment.
The overnight lending rate contracted by 260bps to 24.5%, despite debits for the OMO auction (N986.88 billion) conducted yesterday.
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