Santa came early but with T&C

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It’s the season of circulars! Shortly after the circular released by the Apex Bank on Monday, November 30, 2020, allowing recipients of diaspora remittances into the country the option to withdraw the money in USD, the Central Bank released another circular dated December 1, 2020, announcing the introduction of a new “Special Bill” and no, it is not an OMO bill.

The introduction of the new bill which is a part of the Apex Bank’s efforts at deepening the financial markets and availing the monetary authority with an additional liquidity management tool.

The features of the CBN’s Special Bills are as follows:

  • The tenor of 90 days.
  • Zero-coupon, applicable yield at issuance will be determined by the CBN.
  • The instrument will be tradable amongst banks, retail and institutional investors.
  • The instrument shall not be accepted for repurchase agreement transactions with the CBN and shall not be discountable at the CBN window
  • The instrument will qualify as liquid assets in the computation of liquidity ratio for deposit money banks.


We expect to see yields retrace upwards as the introduction of this “Special bill” will provide more supply to the low tradeable investment universe. Banks are expected to be the major players in the Special Bill market as they will be looking to invest their liquid cash in the instrument which will enable them to avoid CRR debit as well as improve their liquidity ratio.

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“What levels will the security be issued at?”

There are still a lot of speculations on this. However, we think that mirroring the stop rate at the last Central Bank OMO auction and comparing it with the last PMA result, stop rate at the “Special bill” should more attractive than the PMA stop rate.

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Santa came early but with T&C - Brand SpurSanta came early but with T&C - Brand Spur

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The Trade Desk Appoints Benson Ho as Senior Vice President, North Asia

SHANGHAI, CHINA - Media OutReach - 22 January 2021 - Global advertising technology leader, The Trade Desk, today announced the appointment of Benson Ho as Senior Vice President of North Asia. In this role, Ho will lead the company's business and growth strategy in the North Asia region, covering Greater China, South Korea and Japan. Ho will report to Tim Sims, Chief Revenue Officer.


 Santa came early but with T&C - Brand Spur


Ho brings vast leadership experience in the Asian media industry, most recently as Chief Data Strategy Officer at Tencent Marketing Solution, an important early inventory partner of The Trade Desk in China. Prior to that, he served as Amnet's chief consultant and programmatic expert to Dentsu Aegis Network. He has also served in senior leadership positions at Sizmek, GroupM and Digitas.


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"I am delighted to join The Trade Desk and build on the success the company has had in North Asia," said Ho. "The advertising industry is at a turning point right now, and there's enormous opportunity for brands to leverage global best practices and connect with consumers in new ways. It's very exciting to be a part of the team that's delivering a unique solution and expertise to global advertisers in the region."

About The Trade Desk

The Trade Desk™ is a technology company that empowers buyers of advertising. Through its self-service, cloud-based platform, ad buyers can create, manage, and optimize digital advertising campaigns across ad formats and devices. Integrations with major data, inventory, and publisher partners ensure maximum reach and decisioning capabilities, and enterprise APIs enable custom development on top of the platform. Headquartered in Ventura, CA, The Trade Desk has offices across North America, Europe, and Asia Pacific. To learn more, visit or follow us on Facebook, Santa came early but with T&C - Brand SpurTwitter, and LinkedIn. 


Santa came early but with T&C - Brand Spur

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