…The DMO will conduct an NTB PMA on Wednesday, 08 November, to roll over maturities worth N310.00 billion.
SAT, NOV 04 2023-theGBJournal|Activities in the Treasury bills secondary market closed on a bearish note this week, as the tight system liquidity triggered selloffs of bills in this space.
Consequently, the average yield across the market expanded by 707bps to 14.4%. Across the market segments, the average yield advanced by 714bps to 14.3% in the NTB secondary market and expanded by 389bps to 15.9% in the OMO segment.
Interestingly, the CBN conducted two OMO PMA this week. At the first OMO PMA held on Monday, the CBN offered instruments worth N400 billion, as total subscription settled at N632.75 billion (bid-to-offer: 1.6x).
Eventually, the CBN sold exactly what was offered at respective stop rates of 13.99% (previously: 10.00%), 14.49% (previously: 12.98%), 15.00%, and 17.50% (previously: 14.49%).
For the second auction held on Wednesday, the CBN offered bills worth N250.00 billion to participants. Demand was lower as total subscription settled at N127.95 billion (bid-to-offer: 0.5x).
The CBN eventually allotted N77.20 billion – N1 billion for the 91D, N11 billion for the 182D, N11.00 billion for the 270D and N54.20 billion for the 365D – worth of maturities.
The auction closed at stop rates of 13.98% (previously: 13.99%) on the 91-day, 14.48% (previously: 14.49%) on the 182-day, 14.99% (previously: 15.00%) on the 270-day, and 17.98% (previously: 17.50%) on the 365-day papers.
Meanwhile, the DMO will conduct an NTB PMA on Wednesday, 08 November, to roll over maturities worth N310.00 billion.
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