FGN Bond Yields Move in Mixed Directions across Maturities…


In the just concluded week, the values of FGN bonds traded at the over-the-counter (OTC) segment moved in mixed directions across maturities tracked.

The 5-year, 14.50% FGN JUL 2021 paper and the 7-year, 13.53% FGN MAR 2025 note lost N0.45 and N0.86, respectively while their corresponding yields rose to 5.26% (from 5.01%) and 8.70% (from 8.51%) respectively.

However, the 10-year, 16.29% FGN MAR 2027 debt and the 20-year, 16.25% FGN
APR 2037 bond appreciated by N1.08 and N0.01 respectively; their corresponding yields fell to 10.11% (from 10.30%) and 11.42% (from 11.43%) respectively.

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, the 20-year, 7.69% FEB 23, 2038 paper and 30-year, 7.62% NOV 28, 2047 debt gained USD0.72, USD4.89 and USD5.76; while their corresponding yields moderated to 6.10% (from 7.26%), 8.85% (from 9.48%) and 8.76% (from 9.41%) 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.

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