DAILY MARKET REPORT: FIXED INCOME, MONEY MARKET AND FX – JULY 31 2017

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DAILY MARKET REPORT: FIXED INCOME, MONEY MARKET AND FX – JULY 31 2017DAILY MARKET REPORT: FIXED INCOME, MONEY MARKET AND FX – JULY 31 2017

“News Update:
The Federal Government has adopted the $11billion Dangote refinery, under its new National Petroleum Policy in order to add value to crude oil, reduce high dependence on imported petro- leum products and conserve foreign exchange for other developmental projects. Consequently, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, today, led a strong government delegation to inspect the progress of work at the 650,000 plant expected to come on stream in 2019.  This Day”

“The Fixed income market remained quiet in today’s session due to the suspension of trading in the two-way quote mar- ket till Wednesday. The CBN however continued with its OMO issuance, selling a total of N8.84bn (185 day) and N51.96bn (332 day) OMO T-bills with rates pegged at 17.95% and 18.55%. We expect active participation by market players at the T-Bills PMA scheduled to hold on the 2nd of August.

The OBB and O/N rates remained stable at the previous day’s levels to close at 5.17% and 5.75% due to the buoyant liquidi- ty in the money market coming from the c.N313bn FAAC dis- bursements credited into the system by late Friday last week. Market Liquidity is estimated at N209billion long as at close of business today. We expect rates to remain stable at these levels barring any significant liquidity management actions by the CBN.”

ECONOMIC INDICATORS
Inflation (YoY) 16.10%
Exchange Rate ($) N305.65
MPR 14.00%
Foreign Reserves $30.77Bn
Brent Crude $51.91

 

FGN Bonds
Description Bid (%) Offer (%) Day Change (%)
16.00 29-Jun-19 16.76 16.69 0.00
15.54 13-Feb-20 16.50 16.43 0.00
14.50 15-Jul-21 16.38 16.31 0.00
16.39 27-Jan-22 16.22 16.15 0.00
14.20 14-Mar-24 16.30 16.23 0.00
12.50 22-Jan-26 16.28 16.21 0.00
16.29 17-Mar-27 16.30 16.23 0.00
12.15 18-Jul-34 16.18 16.11 0.00
12.40 18-Mar-36 16.22 16.15 0.00
16.25 18-Apr-37 16.32 16.25 0.00
Treasury Bills
Description Bid (%) Offer (%) Day Change (%)
2-Nov-17 18.35 18.10 0.00
7-Dec-17 18.20 17.95 0.00
4-Jan-18 18.55 18.30 0.00
1-Feb-18 18.05 17.80 0.00
1-Mar-18 18.15 17.90 0.00
5-Apr-18 18.50 18.25 0.00
3-May-18 18.50 18.25 0.00
14-Jun-18 18.50 18.25 0.00
5-Jul-18 18.55 18.30 0.00
Read Also:  Disclosure of Customer BVN Subject to Court Order, CBN Tells Banks
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Money Market Rates
  Current (%) Previous (%)
Open Buy Back (OBB) 5.17 5.00
Overnight (O/N) 5.75 5.83
FX Market
  Current (N/$) Previous ( N/$)
Interbank 305.65 306.65
CBN SMIS 320.00 320.00
I&E FX Window 367.88 367.60
Parallel Market 363.00 363.00
                             Primary Market Auction  Results       
NTB  – 3 August 2017
Tenor Offer (N’bn) Expected Rates (%)
91 days 29.14 13.35 – 13.50
182 days 80.00 17.35 – 17.50
364 days 120.00 18.50 – 18.60
FGN Bonds – 12 July 2017
Tenor Rate (%) Offer (N’bn) Sub (N’bn) Sale (N’bn)
Jun-21 16.2400 35.00 9.10 3.90
Mar-27 16.2500 50.00 55.31 47.01
Apr-37 16.2514 50.00 64.75 55.05
OMO – 31 July 2017
Tenor Rate (%) Offer (NBn) Sub (N’bn) Sale (N’bn)
185 day 17.95 10.00 8.84 8.84
332 day 18.55 70.00 51.96 51.96
Read Also:  Price of Diesel jumps by 3.89% in January - NBS

 

Eurobonds
Issuer Description Yield (%) Day Change (%)
FGN 6.38 12-Jul-23 5.57 (0.06)
FGN 7.875 16-Feb-32 6.74 (0.03)
First Bank 6.488 23-Jul-21 10.56 (0.15)
Eco bank 8.75 14-Aug-21 11.77 (0.02)
Access Bank 10.50 19-Oct-21 8.40 (0.03)
Zenith Bank 7.375 30-May-22 7.80 (0.01)
UBA 7.75 8-Jun-22 8.24 0.01

Sources: FMDQ, CBN, Bloomberg, Rexel BDC, Zedcrest research

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DAILY MARKET REPORT: FIXED INCOME, MONEY MARKET AND FX – JULY 31 2017DAILY MARKET REPORT: FIXED INCOME, MONEY MARKET AND FX – JULY 31 2017

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DAILY MARKET REPORT: FIXED INCOME, MONEY MARKET AND FX – JULY 31 2017DAILY MARKET REPORT: FIXED INCOME, MONEY MARKET AND FX – JULY 31 2017

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