DAILY MARKET REPORT: FIXED INCOME, MONEY MARKET AND FX – AUGUST 8, 2017

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DAILY MARKET REPORT: FIXED INCOME, MONEY MARKET AND FX - AUGUST 8, 2017DAILY MARKET REPORT: FIXED INCOME, MONEY MARKET AND FX - AUGUST 8, 2017

“News Update:
FMDQ OTC Securities Exchange has launched an Investor Protection Fund, IPF, to boost and sustain investors’ confidence in the Nigerian capital market. Following the establish- ment, Mrs. Titi Helen Lawani, representing the Pension Fund Operators Association of Nigeria, PenOp, was appointed the Chairperson of Board of Trustees, BoT, while Ms. Tokunbo Ajayi, representing the Association of Corporate Trustees emerged the Vice Chairperson of the Fund.  Vanguard”

“Bearish sentiments dominated trades in the FGN Bond market today with the 2021 (+12bps) and 2027 (+10bps) maturities being the most hit. The bearish trend in the FGN Bond market has per- sisted since the resumption of 2-WQ trading in the market on the 3rd of August leading to an aggregate avg. yield increase of +20bps in the last four trading days (3rd – 8th August). We expect selling pressures to begin to wane with slight retracements expected on the longer duration bonds currently trading at 16.50% levels.

The T-bills Market also traded on a bearish note with average yields rising by +12bps due to the tight liquidity condition in the money market coming from the CBN’s OMO and FX sales yester- day. Net Market liquidity is estimated at N118billion short as at close of business today. The OBB and OVN rates, however re- mained stable to close at 25% and 26.33%, despite the tight liquid- ity in the market. We expect rates to remain stable at these levels barring any OMO T-bills sales tomorrow by the CBN .”

ECONOMIC INDICATORS
Inflation (YoY) 16.10%
Exchange Rate ($) N305.50
MPR 14.00%
Foreign Reserves $30.93Bn
Brent Crude $52.12

 

FGN Bonds
Description Bid (%) Offer (%) Day Change (%)
16.00 29-Jun-19 16.89 16.82 0.05
15.54 13-Feb-20 16.62 16.55 (0.01)
14.50 15-Jul-21 16.63 16.56 0.12
16.39 27-Jan-22 16.46 16.39 0.08
14.20 14-Mar-24 16.45 16.38 0.02
12.50 22-Jan-26 16.47 16.40 0.00
16.29 17-Mar-27 16.54 16.47 0.10
12.15 18-Jul-34 16.49 16.42 0.05
12.40 18-Mar-36 16.49 16.42 0.07
16.25 18-Apr-37 16.55 16.48 (0.01)
Treasury Bills
Description Bid (%) Offer (%) Day Change (%)
2-Nov-17 19.00 18.75 0.55
7-Dec-17 18.70 18.45 0.25
4-Jan-18 18.85 18.60 0.10
1-Feb-18 18.80 18.55 0.30
1-Mar-18 18.75 18.50 0.50
5-Apr-18 18.45 18.20 (0.05)
3-May-18 18.45 18.20 0.00
14-Jun-18 18.45 18.20 0.00
5-Jul-18 18.55 18.30 0.00
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Money Market Rates
  Current (%) Previous (%)
Open Buy Back (OBB) 25.00 26.67
Overnight (O/N) 26.33 27.50
FX Market
  Current (N/$) Previous ( N/$)
Interbank 305.50 305.50
CBN SMIS 320.00 320.00
I&E FX Window 368.17 367.38
Parallel Market 364.00 365.00
Primary Market Auction  Results
NTB  – 2 August 2017
Tenor Rate (%) Offer (N’bn) Sub (N’bn) Sale (N’bn)
91 days 13.42 29.14 26.18 23.06
182 days 17.40 80.00 69.75 69.57
364 days 18.53 120.00 211.05 136.52
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 – 7 August 2017
Tenor Rate (%) Offer (NBn) Sub (N’bn) Sale (N’bn)
185 day 17.95 10.00 0.12 0.12
332 day 18.55 50.00 34.29 34.29
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Eurobonds
Issuer Description Yield (%) Day Change (%)
FGN 6.38 12-Jul-23 5.47 0.00
FGN 7.875 16-Feb-32 6.71 0.01
First Bank 6.488 23-Jul-21 10.56 (0.07)
Eco bank 8.75 14-Aug-21 11.56 (0.03)
Access Bank 10.50 19-Oct-21 8.29 (0.04)
Zenith Bank 7.375 30-May-22 7.53 (0.12)
UBA 7.75 8-Jun-22 8.17 0.01

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

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DAILY MARKET REPORT: FIXED INCOME, MONEY MARKET AND FX - AUGUST 8, 2017DAILY MARKET REPORT: FIXED INCOME, MONEY MARKET AND FX - AUGUST 8, 2017

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DAILY MARKET REPORT: FIXED INCOME, MONEY MARKET AND FX - AUGUST 8, 2017DAILY MARKET REPORT: FIXED INCOME, MONEY MARKET AND FX - AUGUST 8, 2017

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