November 6, 2024/Coronation Research

Summary

• Market liquidity closed at N398.3bn on Friday (1 Nov ‘24). Call, overnight, and repo rates closed within the range of 5.80% – 19.68% as rates in the market narrowed
• Last week, average yields on Nigeria Treasury Bills increased by 4 basis points to 24.22% pa. While yields at the midpoint of the curve and long-term bills decreased by 12 and 11 basis points to 25.33% and 25.14% respectively, average yields on short-term bills increased by 3 basis points to 21.25%.
• The average yield for OMO bills increased by 11bps to close at 26.22%.
• In the secondary market for FGN bonds, average yields increased by 18 basis points to 19.49% pa due to sell-offs at the short end of the yield spectrum, where average yields increased by 56 basis points to 20.64%. Average rates at the mid-point and long-end of the yield spectrum fell 9 basis points and 11 basis points to 19.49% and 17.54%, respectively, as a result of investor interest in the February 31, May 33, February 34, and June 38 bonds.
• In the Eurobond market, the average yield increased to 9.73% from 9.58% the previous week.

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