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    FGN Bond Yields Rise for most Maturities Tracked amid Renewed Bearish Activity…

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    Naija247news Media, New Yorkhttps://www.naija247news.com/
    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, the values of FGN bonds traded at the over-the-counter (OTC) segment moderated for most maturities tracked.

    Specifically, 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 lost N0.93, N0.28 and N4.15 respectively; their corresponding yields rose to 2.38% (from 2.24%) and 3.66% (from 3.65%) and 5.10% (from 4.90%) respectively.

    However, the 5-year, 14.50% FGN JUL 2021 bond appreciated by N0.04; its corresponding yield fell to 0.18% (from 0.49%).

    Meanwhile, the value of FGN Eurobonds traded at the international capital market appreciated for most maturities tracked on sustained bullish activity.

    The 20-year, 7.69% FEB 23, 2038 paper and the 30-year, 7.62% NOV 28, 2047 debt gained USD2.92 and USD2.37 respectively; while their corresponding yields fell to 7.70% (from 8.02%) and 7.74% (from 7.95%) respectively.

    However, the 10-year, 6.75% JAN 28, 2021 bond lost USD0.09; its corresponding yield rose to 3.47% (from 3.35%).

    In the new week, Debt Management Office will issue bonds worth N30 billion, viz: 12.50% FGN APR 2035 (15- Yr re-opening) worth N40 billion and 9.80% FGN JUL 2045 (25-Yr re-opening) worth N40 billion respectively.

    We expect the bonds stop rates to moderate further amid relatively low volume of bonds issuance.

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