FGN Bond Yields Fall Further for all Maturities Tracked amid Sustained Buy Pressure…


In the just concluded week, the value of FGN bonds traded at the over-the-counter (OTC) segment further rose for all maturities tracked: the 5-year, 14.50% FGN JUL 2021 paper, the 7-year, 13.53% FGN MAR 2025 note, the 10-year, 16.29% FGN MAR 2027 debt and the 20-year, 16.25% FGN APR 2037 bond appreciated by N1.41, N2.94, N2.95 and N4.59; their corresponding yields moderated to 14.44% (from 15.16%), 13.90% (from 14.65%), 14.13% (from 14.73%) and 13.84% (from 14.48%) respectively.

Elsewhere, the value of the FGN Eurobonds traded at the international capital market appreciated for most maturities tracked amid sustained buy pressure – the 10-year, 6.75% JAN 28, 2021 paper and 30-year, 7.62% NOV 28, 2047 paper rose by USD0.18 and USD1.15; their corresponding yields moderated to 4.85% (from 4.97%) and 5.40% (from 5.40%) respectively.

paper20-year, 7.69% FEB 23, 2038 note 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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