On Wednesday (25-Jan-23), the Apex bank is scheduled to roll over maturing bills worth N220.53bn at the NT-Bills Primary Market Auction (“PMA”) across the 91-, 182-, and 364-Day tenors.
 
Please see below our PMA expectations: 

 
Going into the week, we expect a bullish sentiment on the back of improved system liquidity (which stood at N473.5bn positive as of Friday 20^th January 2023) Thus, we advise investors to trade cautiously and take advantage of attractive bills across the curve along with offers from corporates.
 
Please see indicative secondary market NT-Bills rates below: 

Rates are valid till 01:45 pm today (23-Jan-23)

*Please note that the minimum subscription for NT-Bills is N100, 000.00

 
 FGN Bonds Update: Average Yield Advanced by 68bps W-o-W to 13.42%

The bearish performance resurfaced in the domestic bond market last week, even as the DMO released the FGN bond reissuance calendar for Q1 2023. Consequently, average yields went up 68bps W-o-W to settle at 13.42% from 12.98% the previous week.

In more details, the short and long dated instruments advanced the most, as their average yields expanded (54bps W-o-W) and (86bps W-o-W) respectively. Specifically, the MAR-2027, MAR-2035 and MAR-2036 expanded 166bps, 108bps and 121bps respectively.
 
Going into the week, we expect market players to remain on the side-line in anticipation of the result of the 1^st Monetary Policy Committee meeting of the year scheduled on the 23^rd and 24^th Jan-2023. We therefore advise investors to take advantage of maturities with relatively attractive yields across the curve.
 
Please see below FGN bonds secondary market rates: 

 Rates are valid till 01:45 pm today (23-Jan-23)

*Please note that the minimum subscription for FGN Bonds is N20, 000,000.00