…The FGN Eurobond market traded on a calm note due to the United States Holiday
SAT JUNE 22 2024-theGBJournal| At the auction, the Debt Management Office (DMO) is set to offer instruments worth N450.00 billion through re-openings of the 19.30% FGN APR 2029, 18.50% FGN FEB 2031 and 19.89% FGN MAY 2033 bonds.
Meanwhile, sentiments in the FGN bonds secondary market were mixed this week, as players exited their short and long positions, while huge demand was recorded on the privately issued MAR-2027 (-100bps) bond.
As a result, the average yield increased slightly by 1bp to 18.8%. Across the benchmark curve, the average yield expanded at the short (+6bps) and long (+14bps) ends following profit-taking activities on the JAN-2026 (+20bps) and JUN-2038 (+96bps) bonds, respectively.
Conversely, the average yield declined at the mid (-9bps) segment due to interest in the APR-2032 (-16bps) bond.
The FGN Eurobond market traded on a calm note due to the United States Holiday. The FGN Eurobond market sustained the bearish sentiments despite the Initial Jobless Claims printing higher at 238K vs 235K expected.
Furthermore, the S&P Global Manufacturing PMI printed at 51.7 vs 51 consensus while the Services PMI printed at 55.1 below expectations of 53.7 and 54.8 prior. Week-on-week, the average benchmark yields gained 24bps, settling at 9.99%.
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