October 22, 2024/Coronation Research

Summary

• Market liquidity closed at negative N837.3bn on Friday (18, Oct ‘24). Call, overnight, and repo rates closed within the range of 6.6% – 32.6% as rates in the market tightened. 
• Last week, the average NTB yield increased by +100bps to close at 24.2 w/w.
• The average yield for OMO bills rose slightly by +1 bps to close at 25.9% w/w.
• In the secondary market for FGN bonds, the average yield increased marginally by +2bps to close at 19.1% w/w.
•  Meanwhile, in the Eurobond market, the average yield declined by +19bps to close at 9.4%.
•  According to China’s Bureau of Statistics, GDP expanded by +4.6% y/y in Q3 ’24, from +4.7% y/y in Q2 ’24. This marks the lowest y/y growth recorded since Q1 ’23 and can be partly attributed to sluggish domestic demand amid prolonged slowdown in the property sector.

For the full Coronation fixed income and exchange rate (CFEX) update, please click here