FGN Bond Yields Moderate for Most Maturities Tracked on Sustained Demand Pressure

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In the just concluded week, the values of FGN bonds traded at the over-the-counter (OTC) segment appreciated further for most maturities tracked amid demand pressure.

Notably, the 5-year, 14.50% FGN JUL 2021 paper, the 7-year, 13.53% FGN MAR 2025 note and the 20-year, 16.25% FGN APR 2037 bond appreciated by N1.00, N1.72 and N0.04 respectively; their corresponding yields fell further to 3.37% (from 4.48%), 5.92% (from 6.31%) and 10.03% (from 10.04%) respectively.

However, the 10-year, 16.29% FGN MAR 2027 debt was flattish at 8.12%. Meanwhile, the value of FGN Eurobonds traded at the international capital market depreciated further for all maturities tracked amid renewed sell pressure.

The 10-year, 6.75% JAN 28, 2021 bond, the 20-year, 7.69% FEB 23, 2038 paper and the 30-year, 7.62% NOV 28, 2047 debt lost USD0.28, USD2.23 and USD2.67 respectively; while their corresponding yields rose to 5.02% (from 4.57%), 8.90% (from 8.63%) and 8.86% (from 8.57%) respectively.

In the new week, we expect OTC bond prices to appreciate (and yields to moderate) against the backdrop of the expected boost in the financial system.

COWRY RESEARCH

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