Tuesday, September 21, 2021

    OTC FGN Bond Yields Rise amid Sustained Bearish Activity…

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    Naija247news Editorial Teamhttps://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, the value of FGN bonds traded at the over-the-counter (OTC) segment fell for all maturities tracked amid sustained sell pressure: the 20-year, 10% FGN JULY 2030 debt, 10-year, 16.39% FGN JAN 2022 debt, 7-year, 16.00% FGN JUN 2019 debt and the 5-year, 14.50% FGN JUL 2021 debt lost N0.45, N0.19, N0.16 and N0.20 respectively; their corresponding yields rose to
    15.73% (from 15.62%), 15.01% (from
    14.94%), 14.37% (from 14.16%) and 15.33%
    (from 15.23%) respectively.

    Meanwhile, the value of the FGN Eurobonds traded on the LSE tanked for all maturities tracked amid bearish activity – the 10-year, 6.75% JAN 28, 2021 bond, the 10-year, 6.38% JUL 12, 2023 note and the 15-year, 6.50% NOV 28, 2027 paper fell by USD0.37, USD0.59 and USD0.64 respectively; their corresponding yields rose to 5.37% (from
    5.21%), 6.57% (from 6.42%) and 7.77% (from 7.66%) respectively.

    In the new week, we expect FGN bond prices to increase (with corresponding fall in yields) at the OTC market
    amid expected ease in financial system liquidity.

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