FGN Bond Yields Moderate for Most Maturities Tracked amid Buy Pressure…

Date:

In the just concluded week, Debt Management Office (DMO) sold bonds worth N29.35 billion, viz: 12.75% FGN APR 2023 (5-Yr Re-opening) worth N3.80 billion, 13.53% FGN MAR 2025 (7-Yr Re-opening) worth N5.55 billion and 13.98% FGN FEB 2028 (10-Yr Re-opening) worth N20.00 billion respectively.

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The 5-year, 7-year and 10-year bonds were auctioned at lower stop rates of 13.50% (from 14.52%), 13.50% (from 14.80%) and 13.50% (from 14.94%) respectively.

Amid lower primary market stop rates, the value of FGN bonds traded at the over-the-counter (OTC) segment gained for most maturities: the 5-year, 14.50% FGN JUL 2021 paper, the 7-year, 13.53% FGN MAR 2025 note and the 10-year, 16.29% FGN MAR 2027 debt gained N1.16, N0.98 and N0.15; their corresponding yields moderated to 14.06% (from 14.67%), 14.13% (from 14.38%) and 14.25% (from 14.29%) respectively.

Elsewhere, the value of the FGN Eurobonds traded at the international capital market depreciated for most maturities tracked amid renewed sell-offs – the 10-year, 6.75% JAN 28, 2021 debts and the 20-year, 7.69% FEB 23, 2038 note fell by USD0.20 and USD0.45 respectively; their corresponding yields rose to 4.97% (from 4.87%) and 7.79% (from 7.75%) 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.

Godwin Okafor
Godwin Okaforhttps://naija247news.com
Godwin Okafor is a veteran Financial Journalist, Internet Social Entrepreneur, and the visionary Founder of Naija247news Media Limited. With an extensive career spanning over 16 years in financial journalism, Godwin possesses a wealth of experience that seamlessly bridges both traditional and digital media landscapes. His journey in journalism commenced at Business Day, Nigeria, where he laid the foundation for his prolific career. In 2010, Godwin took a bold step by founding Naija247news Media, a platform that has since become a prominent player in delivering timely and accurate news. Educationally, Godwin Okafor holds a Bachelor's degree in Industrial Relations and Personnel Management from the prestigious Lagos State University, Ojo, Lagos. His commitment to continuous learning led him to the Lagos Business School, where he further honed his skills. Additionally, he is recognized as a Fellow of the University of Pennsylvania, having successfully completed the Wharton Seminar for Business Journalists. Throughout his illustrious career, Godwin has earned acclaim by winning numerous journalism awards, a testament to his dedication to excellence in reporting. Beyond his role as a Financial Journalist, Godwin Okafor wears the hat of the Chairman at Emmerich Resources Limited, the publishing entity behind Naija247news. His visionary leadership has played a pivotal role in shaping the media landscape and establishing Naija247news as a trusted source of information. Godwin Okafor's multifaceted expertise, commitment to journalistic integrity, and leadership in the realm of business journalism underscore his influential presence in both the media and entrepreneurial spheres.

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