Monday, July 26, 2021

    FGN Bond Rates Fall for Most Maturities amid Buy Pressure…

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

    In the just concluded week, the DMO sold
    N325.80 billion worth of bonds; viz, 16.29% FGN MAR 2027, 12.50% FGN MAR 2035 and 12.98% FGN MAR 2050, with their respective stop rates closing at 12.74% (down from 13.10%), 13.50% (down from 14.00%) and 13.70% (up from 8.94%).

    Meanwhile, we saw sell-offs in the secondary market.

    Specifically, yields for the 5-year, 14.50% FGN JUL 2021, 7-year 13.53% FGN APR 2025 and the 10-year 16.29% FGN MAR 2027 papers lost N0.21, N0.17 and N0.30 respectively; their corresponding yields rose to 3.80% (from 3.65%), 12.26% ( from 12.21%) and 12.71% (from 12.65%) respectively.

    However, the 20-year, 16.25% FGN MAR 2037 paper gained N4.03 while its yield fell to 12.90%(from 13.53%).

    Meanwhile, the value of FGN Eurobonds traded at the international capital market fell for most maturities tracked; the 10-year, 6.375% JUL 12, 2023, 20-year, 7.69% FEB 23, 2038 paper and 30-year, 7.62% NOV 28, 2047 bonds lost USD0.06, USD0.91 and USD1.10 respectively; their corresponding yields rose to 2.75% (from 2.74%). 7.38% (from 7.28%) and 7.56% (from 7.47%) respectively.

    In the new week, we expect the local stock market index to rise as investors hunt for bargain on stocks of companies likely to make interim dividend payments.

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