Home Money Markets Wrap|System liquidity settles lower at N43.19 bn, T-bills yield contracts by...

Markets Wrap|System liquidity settles lower at N43.19 bn, T-bills yield contracts by 17bps to 10.5%, bears dominate FGN bonds market

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BONDS MARKET
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MON. 28 NOV, 2022-theGBJournal| The overnight lending rate expanded by 150bps to 14.1%, as the system liquidity settled lower at a net long position (N43.19 billion).

Activities in the Treasury bills secondary market were bullish, as the average yield contracted by 17bps to 10.5%.

Across the curve, the average yield decreased at the short (-1bp), mid (-32bps), and long (-1bp) segments as participants demanded the 87DTM (-1bp), 108DTM (-223bps), and 332DTM (-2bps) bills, respectively.

Similarly, the average yield pared by 1bp to 10.1% in the OMO segment.

Elsewhere, sentiments in the FGN bonds secondary market were bearish, as the average yield expanded by 2bps to 14.4%.

Across the benchmark curve, the average yield expanded at the short (+1bp), mid (+4bps), and long (+2bps) segments following selloffs of the APR-2023 (+7bps), APR-2032 (+8bps), and JUL-2034 (+15bps) bonds, respectively.

The naira appreciated by 0.4% to N444.70/USD at the I&E window.

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