SAT, OCT 07 2023-theGBJournal|The Treasury Bills Market witnessed demand across the yield curve with a pronounced appetite for shorter-dated instruments.
As a result, the average benchmark yield experienced a week-over-week decrease of 43 bps, ultimately settling at 6.37%.
Nonetheless, the secondary market closed the week on a bearish note, as the average yield across the market expanded by 2bps to 8.2%.
Across market segments, the average yield advanced by 5bps to 8.0% in the NTB secondary market but declined by 3bps to 12.1% in the OMO segment.
We envisage sustained demand for T-bills in the secondary market next week following our expectations of a liquidity surfeit in the system.
Thus, we believe yields in the secondary market will maintain a downtrend. Additionally, the DMO is scheduled to hold an NTB PMA on Wednesday (11 October), where it will be rolling over maturities worth N36.56 billion.
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