Thursday, October 21, 2021

    FGN Bond Yields Rises for All Maturities Tracked on Renewed Sell-offs…

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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, activity in the secondary market was largely bearish for all maturities tracked amid traders expectations of higher yield.

    Specifically, the 5-year, 13.53% FGN APR 2025 paper, 10-year 16.29% FGN MAR 2027 bond, 10-year 13.98% FGN MAR
    2028 debt and the 20-year 16.25% FGN MAR
    2037 paper lost N1.37, N3.17, N0.98 and
    N1.66 respectively; their corresponding yields rose to 10.03% (from 9.61%), 11.65% (from 10.96%), 11.75% (from 11.55%) and 12.97% (from 12.76%) respectively.

    Elsewhere, the value of FGN Eurobonds traded at the international capital market depreciated for most maturities tracked; the 10-year, 6.375% JUL 12, 2023 bond, the 20-year, 7.69% FEB 23, 2038 paper and the 30-year, 7.62% NOV 28, 2047 debt lost USD0.78, USD2.58 and USD2.59 respectively; their corresponding yields rose to 3.62% (from 3.19%), 8.11% (from 7.82%) and 8.20% (from 7.95%) respectively.

    In the new week, we expect local OTC bond prices to further moderate (and yields to rise) as traders remain on the sidelines ahead of the T-bills auction which would tell the direction for the week.

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