{"id":5389,"date":"2017-06-10T06:34:37","date_gmt":"2017-06-10T05:34:37","guid":{"rendered":"https:\/\/brandspurng.com\/?p=5389"},"modified":"2017-06-10T06:34:37","modified_gmt":"2017-06-10T05:34:37","slug":"fixed-income-daily-market-update-9th-june-2017","status":"publish","type":"post","link":"https:\/\/brandspurng.com\/2017\/06\/10\/fixed-income-daily-market-update-9th-june-2017\/","title":{"rendered":"Fixed Income Daily Market Update – 9th June 2017"},"content":{"rendered":"
<\/div>

We witnessed renewed interest in FGN bonds during yesterday\u2019s trading session with demand largely driven by offshore clients . The 2022s, 2024s and 2036s bonds witnessed the most patronage with yields compressing by 5bps across the yield curve. \u00a0We expect the demand to continue today, however at a slow pace as we approach this month\u2019s FGN bond auction.<\/em><\/strong><\/span><\/p>\n

The T-bills market traded on a bearish note with intense selloff witnessed especially on the short end of the curve . This was as a result of tight market liquidity coming from FX intervention \u00a0and OMO T-bills sales \u00a0by the CBN. Yields increased by 56bps across the yield curve. We expect the bearish trend to continue today as the illiquidity in the Money Market persist.<\/p>\n

The OBB and O\/N rates rose higher to close at \u00a078.33% and 81.67% yesterday as the CBN sold N16.7bn of OMO T-bills, further tightening liquidity in the Market. Market Liquidity is estimated at N70billion negative as at close of business yesterday. We expect interest rate to remain elevated closing the week as we do not expect any significant inflows to bolster systemic liquidity<\/p>\n

The local unit\u00a0opened at \u00a0NGN310.00\/$1 \u00a0and remained unchanged over the course of the trading session.\u00a0Rates eventually closed at\u00a0NGN305.55\/$1 as the CBN injected some FX \u00a0liquidity in the market.\u00a0\u00a0We expect the CBN to continue to intervene in the interbank market to calm the demand for FX.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
FGN BOND CLOSING LEVELS<\/strong><\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Description<\/strong><\/td>\nBid Yield (%)<\/strong><\/td>\nOffer Yield (%)<\/strong><\/td>\n<\/tr>\n
16.00 29-JUN-2019<\/strong><\/td>\n16.47<\/strong><\/td>\n16.37<\/strong><\/td>\n<\/tr>\n
15.54 13-FEB-2020<\/strong><\/td>\n16.39<\/strong><\/td>\n16.29<\/strong><\/td>\n<\/tr>\n
14.50 15-JUL-2021<\/strong><\/td>\n16.34<\/strong><\/td>\n16.24<\/strong><\/td>\n<\/tr>\n
16.39 27-JAN-2022<\/strong><\/td>\n16.08<\/strong><\/td>\n15.98<\/strong><\/td>\n<\/tr>\n
14.20 14-MAR-2024<\/strong><\/td>\n15.92<\/strong><\/td>\n15.82<\/strong><\/td>\n<\/tr>\n
12.50 22-JAN-2026<\/strong><\/td>\n16.08<\/strong><\/td>\n15.98<\/strong><\/td>\n<\/tr>\n
16.2884 24 MAR 2027<\/strong><\/td>\n16.27<\/strong><\/td>\n16.17<\/strong><\/td>\n<\/tr>\n
12.1493 18-JUL-2034<\/strong><\/td>\n15.98<\/strong><\/td>\n15.88<\/strong><\/td>\n<\/tr>\n
12.40 18-MAR-2036<\/strong><\/td>\n15.95<\/strong><\/td>\n15.85<\/strong><\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
TBILLS CLOSING LEVELS<\/strong><\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Maturity<\/strong><\/td>\nBid Discount (%)<\/strong><\/td>\nOffer Discount (%)<\/strong><\/td>\n<\/tr>\n
31-Aug-17<\/strong><\/td>\n18.10<\/strong><\/td>\n17.85<\/strong><\/td>\n<\/tr>\n
30-Nov-17<\/strong><\/td>\n18.60<\/strong><\/td>\n18.35<\/strong><\/td>\n<\/tr>\n
3-May-18<\/strong><\/td>\n18.40<\/strong><\/td>\n18.15<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

We witnessed renewed interest in FGN bonds during yesterday\u2019s trading session with demand largely driven by offshore clients . The 2022s, 2024s and 2036s bonds witnessed the most patronage with yields compressing by 5bps across the yield curve. \u00a0We expect the demand to continue today, however at a slow pace as we approach this month\u2019s […]<\/p>\n","protected":false},"author":1,"featured_media":5128,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_newsletter_tier_id":0,"jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[312,7],"tags":[134,4510,4364,3024,4509],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/i0.wp.com\/brandspurng.com\/wp-content\/uploads\/2017\/06\/fixed-income.jpg?fit=600%2C312&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p8rAyM-1oV","jetpack-related-posts":[{"id":5222,"url":"https:\/\/brandspurng.com\/2017\/06\/07\/fixed-income-report-for-6th-of-june-2017\/","url_meta":{"origin":5389,"position":0},"title":"Fixed Income Report for 6th of June 2017","author":"Brand Spur","date":"June 7, 2017","format":false,"excerpt":"The bond market was relatively active today with a bit of buying on the 2027 bonds at the start of the trading session. The market remained flat over the trading period with no significant trading witnessed on other bond maturities.\u00a0This makes it 5days of consecutive flat trading session with little\u2026","rel":"","context":"In "Business & Economy"","block_context":{"text":"Business & Economy","link":"https:\/\/brandspurng.com\/category\/business-economy\/"},"img":{"alt_text":"A Flurry of Sellers in The Fixed Income Spaces as Local Investors Wrap Up for Year-End\u2026","src":"https:\/\/i0.wp.com\/brandspurng.com\/wp-content\/uploads\/2017\/06\/fixed-income.jpg?fit=600%2C312&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/brandspurng.com\/wp-content\/uploads\/2017\/06\/fixed-income.jpg?fit=600%2C312&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/brandspurng.com\/wp-content\/uploads\/2017\/06\/fixed-income.jpg?fit=600%2C312&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":5307,"url":"https:\/\/brandspurng.com\/2017\/06\/08\/fixed-income-report-for-7th-of-june-2017\/","url_meta":{"origin":5389,"position":1},"title":"Fixed Income Report for 7th of June 2017","author":"Brand Spur","date":"June 8, 2017","format":false,"excerpt":"The bond market opened on a relatively flat note with slight demand observed on the 2022 and 2036 bonds. However, during the course of the trading session, we saw market sell off the 2036 bonds as yields on that maturity trended below the 16% mark. 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