Saturday, December 4, 2021

    FGN Bond Stop Rates Slide on Sustained Buy Pressure…

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    Naija247news Editorial Team
    Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

    In line with our expectations, DMO sold FGN bonds worth N45.00 billion at the primary market auction, viz: 15-year, 12.50% FGN MAR 2035 paper worth N20.00 billon and 25-year, 9.80% FGN JUL 2045 bond worth N25.00 billion respectively.

    Given the limited number of bonds
    auctioned, stop rates fell for all maturities amid relatively high demand: stop rate for 15-year and 25-year bonds fell to 4.97% (from 8.52%) and 6.00% (from 8.90%) respectively.

    The values of FGN bonds traded at the over-the-counter (OTC) segment further appreciated for all maturities tracked amid the crash in stop rates.

    The 5-year, 14.50% FGN JUL 2021 bond, 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 paper gained N0.35, N2.58, N10.88 and N23.49 respectively; their corresponding yields fell to 0.80% (from 1.55%), 3.26% (from 3.81%), 3.34% (from 4.76%) and 5.04% (from 6.31%) respectively.

    Meanwhile, the value of FGN Eurobonds traded at the international capital market depreciated for all maturities tracked on sustained bearish activity.

    The 10-year, 6.75% JAN 28, 2021 bond, the 20-year, 7.69% FEB 23, 2038 paper and the 30-year, 7.62% NOV 28, 2047 debt lost USD0.23, USD2.09 and USD1.83 respectively; while their corresponding yields rose to 4.47% (from 3.79%), 8.64% (from 8.39%) and 8.50% (from 8.32%) respectively.

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