Thursday, September 23, 2021

    FGN Bond Prices Increase amid Sustained Bullish Sentiment…

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    Naija247news Editorial Team
    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 remained bullish at the Fixed Income space as investors continue to offer the bonds at lower yields amid demand pressure; although we noticed a bit of funding pressure immediately after T-bills

    Specifically, the 5-year 13.53% FGN APR 2025, the 10-year 16.29% FGN MAR 2027
    bond, 10-year 13.98% FGN MAR 2028 bond
    and 20-year 16.25% FGN MAR 2037 paper
    gained N1.41, N1.44, N0.72 and N1.57
    respectively; their corresponding yields fell to 10.26% (from 10.72%), 11.13% (from 11.45%), 11.40% (from 11.55%) and 12.47% (from 12.67%) respectively.

    Meanwhile, the value of FGN Eurobonds traded at the international capital market rose for all 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 gained USD0.26, USD1.48 and USD1.44 respectively; their corresponding yields rose to 2.93% (3.09%), 7.59% (from 7.75%) and 7.71% (from 7.84%) respectively.

    In the new week, we expect yields to further moderate as local OTC bond prices increase even as funding pressure amongst participants eases.

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