The Nigerian Treasury Bills (“NT-Bills”) secondary market started the first trading week of the year on a bullish note as buying interests were recorded across all tenors, boosted by buoyant system liquidity (N1.12trn long as of Tuesday 03-Jan-23). As a result, average yields contracted 197bps W-o-W to settle at 3.40% from 5.38% the previous week.

Demand was witnessed across the yield curve as buying interests persisted all week. Specifically, the 26-Oct-23, 9-Nov-23 and 8-Jun-23 bills enjoyed the most demand as their average yields contracted 437bps, 379bps and 225bps respectively.

This week, we anticipate sustained bullish sentiments on the back of buoyant system liquidity (which stood at N1.35trn long as of Friday 06-Jan-23). Thus, we advise investors to trade cautiously and take advantage of attractive bills across the curve, especially long dated instruments along with offers from corporates.

 
Please see indicative secondary market NT-Bills rates below: 

 Rates are valid till 01:45 pm today (09-Jan-23)

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

FGN Bond Update: Average Yield Declines 36bps WoW to 12.68%

The domestic bond market closed positive in the first trading week of the year as demand was recorded across the yield curve. Consequently, average FGN Bond yields dipped 36bps W-o-W to settle at 12.68% from 13.04% the previous week.

Most demand were witnessed on the APR-2023, MAR-2027 and APR-2029 maturities as their average yields contracted 161bps, 133bps and 49bps respectively.

Going into the week, we expect sustained bullish trend as investors continue to hunt for opportunities. We therefore advise investors to take advantage of maturities with relatively attractive yields across the curve, particularly at the shorter and longer end of the curve.

 Please see below FGN bond secondary market rates: 

Rates are valid till 01:45 pm today (09-Jan-23)
*Please note that the minimum subscription for FGN-bond is N20,000,000.00