By Zedcrest Partners ltd FGN Bonds The Bond Market opened on a mixed note, with pockets of demand skewed on select maturities (2021s, 2027s & 2049s) following inflows of c.N65bn in FGN coupons credited today. Overall, yields on the benchmark curve expanded in anticipation of supply from the FGN Bond auction […]
Category: Fixed Income
A Bullish Bonds Trend coincides with a sleepy T-bills Market
By Zedcrest Partners ltd Bonds The Bond market opened the week on an active note, with bullish sentiments supported by investor demand following the CBN’s directive on OMO Bills as well as coupon payments of c.N41bn credited today. Yields dropped by an average of c.12bps across the benchmark yield curve, with the most […]
Central Bank Shocks Markets, Excludes Non-Banks from OMO Auction
Zedcrest Partners Ltd Bonds The FGN Bond market continued on a quiet note for the second consecutive trading session. We noticed slightly improved offers from market participants across most securities but very little volumes passed. Yields consequently remained unchanged on the average across the benchmark yield curve. We maintain a cautious […]
Money Market Rates Crash As FAAC Inflows Bolster Liquidity
By Zedcrest Partners Ltd *** Apex Bank Maintains Benchmark Rates At MPC Meeting *** Bonds The bullish run in the Bond market slowed in today’s session, as the Monetary Policy Committee meeting took center stage. Spreads tightened in the market, as yields closed the session lower by c.6bps on the average on […]
A Tale of Two Halves: Bullish Sentiments for Bonds Reverse Upon Bond Auction Offer Release
By Zedcap Partners Ltd *** August 2019 CPI reported at 11.02%, as Central Bank pulls back MPC meetings to this week *** Bonds The Bond market started the trading session on a bullish note, as investors looked to re-invest coupon payments received this week. We noted increased demand for duration as […]
Zenith Bank 2022 Redemption: Another in A Long Line of Nigerian Eurobond Buy-Backs in 2019
By Zedcrest Capital Bonds The Bonds market ended the week on a muted note, with relatively low volumes again traded during the trading session. Yields across the benchmark curve compressed by c.1bps as investors apathy for current market yields continued. We however noted some improved interest in corporate and municipal bonds, as […]
A Quiet Trading Session as Global Oil Pressure Weigh on Nigerian Sovereign Eurobonds
By Zedcrest Capital ***President Trump ousts national security adviser, opens the door for a deal with Iran*** Bonds The Bond market had a quiet trading session, with very little flows seen on select maturities. Yields compressed marginally by c.1bps on the average across the benchmark Bond curve. We noted some selling […]
T-bills Trade Bullish to Close the Week as CBN Stalls on OMO Auction
By Zedcrest Capital ***US FED Chair plays down recession risks, reinforces expectations for 25bps rate cut*** Bonds The FGN Bond market closed the week with sustained demand pressures across the curve. Yields compressed further by c.7bps on the average across the FGN Bond Benchmark curve, most notably at the short- to […]
Nigerian Eurobonds Weaken as Trade war Depresses Oil Prices
By Zedcrest Capital ***Nigeria’s GDP slows to 1.94% in Q2 2019, as non-oil sector contracts*** Eurobonds The NGERIA Sovereigns weakened further, as a decline in oil prices from the trade war escalation and possible increase in output by the OPEC+ weighed on sentiments during the session. The NGERIA corps were the […]
August 2019 FGN Savings bond auction
By Financescape The Debt management office of Nigeria has released circular for the August 2019 FGN savings bond auction. Pursuant to the Debt Management Office (Establishment) Act 2003 and the Local Loans (Registered Stock and Securities) Act, CAP. L17, LFN 2004. DMO on behalf of the Federal Government of Nigeria offers for […]