Thursday, July 29, 2021

    FGN Bond Yields Fall for Most Maturities Tracked on 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, sentiment was
    positive in the market as bond prices
    appreciated while the FGN yields decreased for most maturities tracked.

    Specifically, 7-year 13.53% FGN APR 2025 and 10-year 16.29% FGN MAR 2027 gained N2.17 and N2.14 respectively; their corresponding yields fell to 11.54% (from 12.26%) and 12.16% (from 12.17%) respectively.

    However, the 5-year, 14.50% FGN JUL 2021 lost N0.21 while its corresponding yield rose to 3.82% (from 3.80%).

    The 20-year, 16.25% FGN MAR 2037 closed flattish as its yield flatlined at 12.90%.

    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, the 20-year, 7.69% FEB 23, 2038 paper and the 30-year, 7.62% NOV 28, 2047 debt lost USD0.15, USD0.88 and USD1.07 respectively; their corresponding yields rose to 2.79% (from 2.75%). 7.47% (from 7.38%) and 7.66% (from 7.56%) respectively

    In the new week, we expect local OTC bond prices to increase (and yields to moderate) as long term yields remain relatively attractive amid declining yields in the money market.

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