FGN Bond Yields Rise for Most Maturities Tracked on Sustained Bearish Trend…

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In the just concluded week, the values of FGN bonds traded at the secondary market depreciated as yields increased for most maturities tracked amid sustained bearish activity.

Notably, the 5-year, 14.50% FGN JUL 2021 bond, the 7-year, 13.53% FGN APR 2025 paperandthe20-year, 16.25% FGN MAR 2037 notelost N0.29, N0.21 andN11.44respectively; their corresponding yields rose to 0.50% (from 0.49%),5.46% (from5.44%)and8.02% (from 7.23%)respectively.

However,the10-year, 16.29% FGN MAR 2027 debt gained N0.88; its corresponding yield fell to6.34% (from 6.50%).

Meanwhile, the value of FGN Eurobonds traded at the international capital market appreciated for most maturities tracked.The 20-year, 7.69% FEB 23, 2038 paper and the 30-year, 7.62% NOV 28, 2047 debt gained USD2.15 and USD2.43 respectively, while their yields fell to 6.86% (from 7.07%)and 6.99% (from 7.18%) respectively.

However, the 10-year, 6.75% JAN 28, 2021 bond lost USD0.12; while its corresponding yields rose to 7.53% (from 5.31%).

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

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