- Bullish Sentiment Crowds Debt Markets
The Federal Government of Nigeria bond auction result showed that the FGN July-2021 and FGN March-2027 instruments were issued at respective discount rates of 13.38 per cent and 13.49 per cent. Demand on both instruments remained attractive.
At the secondary bond market, buying pressures prevailed. Twelve instruments recorded yield declines, while the only bond with a yield increase was the May-2018, with a gain of nine basis points. Consequently, the average bond yield inched lower by 0.06 per cent to close at 13.51 per cent.
In line with the bond market, bullish sentiments prevailed in the Treasury bills space as the average T-bills yield declined by 0.07 per cent to settle at 14.92 per cent. The yield on the three-month, nine-month and 12-month declined by 0.33 per cent, 0.09 per cent and 0.05 per cent, respectively, while the yield on the one-month and six-month tenors advanced respectively by 0.01 per cent and 0.11 per cent.
The open buy-back and overnight rates recorded declines of 0.16 per cent and 0.25 per cent, to close at 14.67 per cent and 15.50 per cent, accordingly.
