FGN Bond Yields Fall for Most Maturities amid Renewed Bullish Activity…

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In the just concluded week, the values of FGN bond traded at the secondary market
appreciated as yields decreased for most
maturities tracked amid renewed bullish activity.

Specifically, we saw traders bullish activity at the longer end of the curve as yield, especially for the 20-year, crossed 10% mark.

Hence, the 20- year, 16.25% FGN MAR 2037-year gained N2.88 while its yield fell to 10.01% (from 10.28%).

Also, the 7-year, 13.53% FGN APR
2025 debt and the 10-year, 16.29% FGN MAR
2027 note increased by N1.28 and N0.39
respectively; their corresponding yields fell to 6.34% (from 6.67%) and 8.42% (from 8.50%) respectively.

However, the 5-year, 14.50% FGN JUL 2021 bond, fell by N0.14, its corresponding yield rose to 0.93% (from 0.92%).

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 USD3.12 and USD3.44 respectively, while their yields fell to 6.91% (from 7.22%) and 7.02% (from 7.30%) respectively.

In the new week, we expect local OTC bond prices to appreciate (and yields to decrease), especially for 20-year paper as the yield touched 10%.

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