SAT, OCT 14 2023-theGBJournal|The FGN local bond Market witnessed another quiet week with a bearish bias as yields on the 30-year bond trended northwards to 16.30% levels.
The short end bonds garnered the most demand this week, particularly the 2026 bond bid at 13.20% levels and the 2028 bond, bid at 14.15% and offered at 14.05%.
The N150 billion Sovereign Sukuk whose offer for subscription closed Friday was oversubscribed, with the total subscription reaching N652.827 billion while N350 billion was sold. Week-on-week, the average benchmark yields advanced 2bps, settling at 14.68%
Meanwhile, the FGN Eurobond market displayed mixed sentiments this week. This was characterized by bullish sentiments bolstered by a dovish FED and the Israel-Hamas conflict as investors sought safe haven.
The bearish trend was influenced by the Consumer Price Index rising 0.4% in September, more than the 0.3% estimate. Furthermore, the average benchmark yields lost 61bps week-on-week, settling at 11.87%.
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