…The PMA was also held with the DMO offering and allotting N277.96 billion across the standard tenors, with total subscriptions reaching N373.94 billion across the three standard maturities.
…Week-on-week, the Open Buy Back (OBB) rate and the Overnight (OVN) rate slid by 526bps and 536bps to 26.13% and 26.66%, respectively
SAT JULY 27 2024-theGBJournal|The Treasury Bills market witnessed a quiet week with a bearish undertone with offers seen on the Jan & Feb bills at the 23% handle and June bills around the 24% handle.
At the MPC meeting this week, the members voted to increase the MPR by 50bps to 26.75%. Also, the asymmetric corridor was adjusted from -300/+100 bps to -500/+100 bps while other parameters were kept constant.
The PMA was also held with the DMO offering and allotting N277.96 billion across the standard tenors, with total subscriptions reaching N373.94 billion across the three standard maturities.
The stop rates were 18.50%, 19.50%, and 22.10%, up from the previous rates of 16.30%, 17.44%, and 21.24%. Sequel to the auction we saw a rally on the newly issued 364-day bill which traded as low as 21.20% due to scarce offers. Week-on-week, the average benchmark yield rose 36bps to close at 24.91%.
Meanwhile, market liquidity opened the day at N276.47 billion long. Week-on-week, the Open Buy Back (OBB) rate and the Overnight (OVN) rate slid by 526bps and 536bps to 26.13% and 26.66%, respectively.
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