“News Update:
The Federal Government will sell up to 20 per cent of its shares in some of the compa- nies it has partially privatised on the Nigerian Stock Exchange (NSE), to allow Nigerians own shares in them, the Director General of Bureau of Public Enterprises (BPE), Mr. Alex Okoh, has disclosed. Okoh said the government’s share divestment programme would mostly affect privatised firms in the petrochemical sector of Nigeria. – Thisday”
“The bond market traded on a relatively flat note today with only few trades executed as market mood remained unchanged from the previous trading session. We expect this trend to persist as market players eye the bond auc- tion scheduled to hold next week.
Mild bearish sentiments were witnessed in the T-bills space, especially on the short end of the curve with an average yield increase of 50bps as commercial banks continue to sell to create some liquidity. The medium and long end of the curve traded flat with most demand for long tenured T-bills taken to the OMO auction conducted today. We do not expect any significant change to market mood in tomorrow’s trading session as the Money Market illiquidity persist.
The OBB and O/N rates closed at 14% levels, down from the 80% level record- ed the previous day as commercial banks were able to access the CBN SLF window to fund their deficits coupled with the OMO repayment of N66billion. Market Liquidity is estimated at N89.10billion negative at COB today. We ex- pect rates to remain elevated tomorrow as no significant inflows are expected to boost liquidity in the market.”
| ECONOMIC INDICATORS | |
| Inflation (YoY) | 16.25% |
| Exchange Rate ($) | N306.20 |
| MPR | 14.00% |
| Foreign Reserves | $30.32Bn |
| Brent Crude | $48.91 |
| FGN Bonds | |||||||||
| Description | Bid (%) | Offer (%) | Day Change (%) | ||||||
| 16.00 29-Jun-19 | 16.51 | 16.44 | 0.00 | ||||||
| 15.54 13-Feb-20 | 16.44 | 16.37 | 0.00 | ||||||
| 14.50 15-Jul-21 | 16.29 | 16.22 | (0.02) | ||||||
| 16.39 27-Jan-22 | 16.14 | 16.07 | 0.01 | ||||||
| 14.20 14-Mar-24 | 15.90 | 15.83 | 0.00 | ||||||
| 12.50 22-Jan-26 | 16.13 | 16.06 | (0.03) | ||||||
| 16.29 17-Mar-27 | 16.20 | 16.13 | 0.00 | ||||||
| 12.15 18-Jul-34 | 15.97 | 15.90 | 0.01 | ||||||
| 12.40 18-Mar-36 | 15.96 | 15.89 | 0.01 | ||||||
| FGN Treasury Bills | |||||||||
| Description | Bid (%) | Offer (%) | Day Change (%) | ||||||
| 3-Aug-17 | 18.60 | 18.35 | (0.40) | ||||||
| 14-Sep-17 | 16.05 | 15.80 | 0.05 | ||||||
| 19-Oct-17 | 18.00 | 17.75 | 0.00 | ||||||
| 2-Nov-17 | 18.85 | 18.60 | (0.05) | ||||||
| 7-Dec-17 | 18.45 | 18.20 | 0.20 | ||||||
| 4-Jan-18 | 18.80 | 18.55 | 0.25 | ||||||
| 1-Feb-18 | 18.55 | 18.30 | (0.15) | ||||||
| 1-Mar-18 | 18.65 | 18.40 | 0.05 | ||||||
| 5-Apr-18 | 18.50 | 18.25 | (0.10) | ||||||
| 3-May-18 | 18.50 | 18.25 | 0.05 | ||||||
| 14-Jun-18 | 18.50 | 18.25 | 0.05 | ||||||
| Eurobonds | |||||||||
| Issuer | Description | Yield (%) | Day Change (%) | ||||||
| FGN | 6.38 12-Jul-23 | 6.41 | 0.45 | ||||||
| FGN | 7.875 16-Feb-32 | 7.30 | 0.24 | ||||||
| First Bank | 6.488 23-Jul-21 | 10.71 | (0.03) | ||||||
| Eco bank | 8.75 14-Aug-21 | 12.30 | 0.34 | ||||||
| Access Bank | 10.50 19-Oct-21 | 8.49 | 0.02 | ||||||
| Zenith Bank | 7.375 30-May-22 | 7.85 | 0.06 | ||||||
| UBA | 7.75 8-Jun-22 | 8.80 | 0.09 | ||||||
| Money Market Rates | ||||
| Current (%) | Previous (%) | |||
| Open Buy Back (OBB) | 14.50 | 78.33 | ||
| Overnight (O/N) | 14.92 | 80.58 | ||
| FX Market | ||||
| Current (N/$) | Previous ( N/$) | |||
| Interbank | 306.20 | 305.50 | ||
| CBN SMIS | 320.00 | 320.00 | ||
| I&E FX Window | 366.00 | 365.00 | ||
| Parallel Market | 364.5 | 364.50 | ||
| Primary Market Auction Results | ||||
| NTB – 05 July 2017 | ||||
| Tenor | Rate (%) | Offer (N’bn) | Sub (N’bn) | Sale (N’bn) |
| 91 days | 13.50 | 35.00 | 28.84 | 28.69 |
| 182 days | 17.50 | 22.00 | 21.41 | 21.25 |
| 364 days | 18.599 | 120.00 | 161.19 | 127.06 |
| FGN Bonds – 21 June 2017 | ||||
| Tenor | Rate (%) | Offer (NBn) | Sub (N’bn) | Sale (N’bn) |
| Jun-21 | 16.1900 | 40.00 | 12.52 | 4.22 |
| Mar-27 | 16.1900 | 50.00 | 57.35 | 30.25 |
| Apr-37 | 16.1965 | 50.00 | 88.24 | 64.79 |
| OMO – 6 July 2017 | ||||
| Tenor | Rate (%) | Offer (NBn) | Sub (N’bn) | Sale (N’bn) |
| 196 day | N/A | 5.00 | Nil | Nil |
| 364 day | N/A | 40.00 | 22.15 | Nil |
Sources: FMDQ, CBN, Bloomberg, Zedcrest research
