Monday, June 21, 2021

    FGN Bond Yields Fall for All Maturities Tracked amid Bullish Activity…

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    Naija247news Media, New York
    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 values of FGN bonds traded at the over-the-counter (OTC) segment appreciated for all Maturities tracked amid demand pressure: 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 gained N0.44, N7.18, N3.19 and N3.73 respectively; their corresponding yields
    moderated further to 4.69% (from 5.16%),
    8.01% (from 9.66%), 11.01% (from 11.61%)
    and 11.30% (from 11.70%) respectively in line with our expectations.

    Elsewhere, the value of FGN Eurobonds traded at the international capital market appreciated for all maturities tracked.

    The 10-year, 6.75% JAN 28, 2021 bond, 20-year, 7.69% FEB 23, 2038 paper and 30-year, 7.62% NOV 28, 2047 debt gained USD0.80, USD2.52 and USD3.78; while their corresponding yields fell to 16.33% (from 17.37%), 11.16% (from 11.59%) and 10.69% (from 11.28%) respectively.

    In the new week, we expect OTC bond prices to appreciate (and yields to moderate) against the backdrop of expected boost in financial system liquidity.

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