SAT JUNE 08 2024-theGBJournal|The Treasury Bills market traded on a mildly active note this week. The CBN issued the OMO auction announcement offering N250 billion across the maturities.
While total subscription stood at N518.95 billion, N513.95 billion was sold. At the auction, stop rates on the 105-day printed at 18.74% while the stop rates for the mid and long tenured bills declined by 5bps and 1bp to close at 19.59% and 22.33%, respectively.
The NTB auction was also held where the DMO offered N221.13 billion across the standard maturities. However, a total of N278.43 billion was sold while total subscription stood at N713.89 billion. Stop rates on the 91-day bill remained unchanged at 16.50%.
While the stop rate on the 182-day bill rose by 5.1bps to 17.50%, the 364-day dipped by 2bps to close at 20.67%. Sequel to the auction, the newly issued 5-June-bill remained largely offered with trades consummated above the stop rate at 20.75%. We saw the 27 May bill quoted 22.10/21.85.
In addition, the Feb 2025 bills experienced a bearish tilt with the 20 Feb bill offered at 20.40% with the 6-feb bill traded as high as 21.00%. Week-on-week, the average benchmark yield lost 13bps to close at 21.59%.
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