Last week, the Nigerian Treasury Bills (“NT-Bills”) secondary market sustained a slight bullish run which was supported by the liquidity boost on Wednesday (which stood at N 759.0bn long) as buying interest was recorded across all tenors. Average yields declined 1bp W-o-W to 7.66% from 7.67% as investors cherry picked relatively attractive maturities across the curve.
 
Specifically, the short-, medium- and Long- tenors recorded same demand at -0.01% recording 1bp decline respectively W-o-W , with the most demand recorded on the 24-Nov-22 (-3bps W-o-W) bill.

This week, the Apex bank is scheduled to roll over maturing bills worth N214.74bn through the NT-Bills Primary Market Auction (PMA) on the 8^th of September 2022 across the 91- (₦0.77bn), 182- (₦21.29bn) and 364-Day (₦192.68bn)tenors.

Please see below our PMA expectations

 
This week, we anticipate some activities in the NT-Bills secondary market due to the expected increase in liquidity levels (which stood at ₦492.9bn as of Friday, 2-AUG-22), while we have maturing investments (NT-Bills: ₦214.7bn). We however advise investors to take advantage of the PMA, trade on attractive maturities across the market and look out for the available commercial paper and other corporate issues on offer.

Please see indicative secondary market NT-Bills rates below:

*Rates are valid till 01:45pm today (05-Sept-22)
 
*Please note that the minimum subscription for NT-Bills is N100, 000.00
 
 FGN Bonds Update: Bullish bias as Average Yield declined 2bps W-o-W to 12.79%

Last week, the FGN bonds secondary market maintained its bullish run into another week on the back of the buoyant system liquidity which stood at N759.0bn Wednesday and as market players continue to position in relatively attractive offers across the curve.

The average yield across all tenors declined by 2bps W-o-W to settle at 12.79% from 12.81% the previous week, with the short-term maturities enjoying the most demand, declined by 7bps W-o-W. Particularly, the 22-Jan-16, 21-Jan-22 and 18-Jul-14 maturities witnessed the most buying interest, declining 25bps, 13bps and 12bps W-o-W respectively.
 
Going into the week, we expect sustained bullish sentiments as investors continue to fill lost bids from the FGN bond auction. 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 [05-Sept-22]
 
*Please note that the minimum subscription for FGN Bonds is ₦20,000,000.00