Friday, May 14, 2021

FGN Bond Prices Appreciate at the O TC Market on Bargain Hunting .

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Naija247news, Nigeriahttps://www.naija247news.com/
Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.
In the just concluded week, OTC bond prices moved in mixed directions across the
maturities due to interplay of bargain hunting and profit taking. Specifically, the 20-year,
10.00% FGN July 2030 bond and the 10-year, 16.39% FGN JAN 2022 paper lost N0.02 and N0.26 as the corresponding yields rose to 14.94% (from 14.93%) and 14.84% (from
14.77%) respectively.
However, then 7-year, 16.00% FGN JUN 2019 paper and the 5-year,14.50% FGN JUL
2021 paper appreciated by N0.13 each while their respective yields fell to 15.05%
(from 15.15%) and 15.04% (from 15.08%).
Elsewhere, FGN Eurobonds prices rebounded for all maturities amid resumed bargain hunting
activities on the London Stock Exchange. Specifically, the 10-year bonds, 6.75% JAN 28, 2021 and 6.38% JUL 12, 2023 lost N0.59 and N0.90 respectively (corresponding yields
declined to 4.54% and 5.32% respectively) while the 5-year, 5.13% JUL 12, 2018 bond
gained N0.18 (yield moderated to 3.15%).
This week, we anticipate likely bargain hunting on the back of expected improvement in financial system liquidity
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