Monthly Archives: July 2017

Nigeria – Fixed Income Weekly #2

The week that was (July 24-28) – Yield curve rises as CBN signals ‘no retreat, no surrender’ on tightening Benchmark NTB yields inch higher as CBN remains committed to tightening: Despite a liquidity deluge from OMO & FGN bond maturities and FAAC inflows, which drove OBB and O/N rates into single digits at the end […]

Nigeria – Fixed Income Weekly # 1

The week that was (July 17-21) – Yields curve rises on softening system liquidity Despite net OMO bill issuances, NTB yields soften: Despite sustained liquidity tightening as the CBN issued NGN275bn worth of OMO bills to take out NGN97bn in maturities, benchmark Nigerian Treasury Bill (NTB) yields declined: 91-day ( down 510bps), 182-day (down 100bps) […]

June 2017 Inflation: Headline reading positively surprises, but no respite for bond market bulls

Softer food inflation induces a slowdown in monthly inflation On Monday, the National Bureau of Statistics (NBS) released the June 2017 inflation numbers and contrary to my call for a sticky number at 16.3% y/y, headline inflation declined for the fifth consecutive month to 16.1% y/y. (May : 16.3% y/y). In recent readings, inflation had […]


The week that was (July 3-7) – CBN tapers OMO clearing rates as the 6M paper cracks under pressure 182-day paper leads NTB yields lower while bonds continue to stand pat: The dichotomy across the NGN yield curve continued last week as short dated Nigerian Treasury Bill (NTB) yields closed lower while the yields on Federal […]

Nigeria – Fixed Income Weekly

Starting today, I will start posting my personal views on developments in the Nigerian fixed income market at the start of every week. Hopefully this should get me blogging more frequently. Hope you enjoy this. Do leave comments on anything from writing style to your views on developments. The idea is to create a discussion […]