Last week, the Nigerian Treasury Bills (“NT-Bills”) secondary market witnessed a bearish sentiment, as average yield rose by 6bps W-o-W to 4.05% from 3.99% the previous week.
 
Furthermore, the Short and Medium-term instruments witnessed the most selloffs as it average yields advanced (3.64% and 4.49%) respectively. Specifically, the 13-Apr-23 and 25-May-23 expanded the most, as their yields rose by 11bps W-o-W and 4bps W-o-W respectively

On Wednesday (08-Mar-23), the Apex bank is scheduled to roll over maturing bills worth N.61bn 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 this week on the back of improved system liquidity (which stood at N799.6bn positive as of Friday 3^rd March 2023) despite the N650bn CBN discretionary cash reserves ratio (CRR) debit from the financial system on Friday.  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 01:45pm today (06-Mar-23)
*Please note that the minimum subscription for NT-Bills is N100, 000.00
 
 
FGN Bond Update: Average Yield Advanced by 11bps W-o-W to 13.25%
 The domestic bond market last week, witnessed a bearish performance as average yield increased 11bps W-o-W to settle at 13.25% from 13.14% recorded the previous week.
 
 Furthermore, the short and medium dated instruments advanced the most, as their average yields expanded (31bps W-o-W) and (18bps W-o-W) respectively. Specifically, the APR-2023, MAR-2035 and APR-2029 expanded 91bps, 72bps and 25bps respectively.
 
 Going into the week, we expect sustained bearish momentum as investors continue to demand for higher yields across all maturities. We therefore advise investors to take advantage of maturities with relatively attractive yields across the curve.
 
Please see below FGN bond secondary market rates:

Rates are valid till 01:45pm today (06-Mar-23)
*Please note that the minimum subscription for FGN Bonds is N20, 000,000.00