Monthly Archives: August 2017

Nigeria – Fixed Income Weekly

The week that was (August 21-25) – Jaw dropping results at the FGN Bond Auction Low demand at the bond auction drives spike in marginal rates: The highlight of last week was the sell-off in bonds at the end of the week, with yields closing the week roughly 20-30bps from the end of the previous […]

Nigeria Fixed Income Weekly

The week that was (August 14-18) – Liquidity reprieve drives downward retracement in yields Improved system liquidity post FX sales auction sends NTB yields lower: A bit of a rollercoaster week for debt markets as the tight liquidity conditions at the close of prior week continued into the week resulting in OBB/Overnight rates climbing to […]

Dear Finance Minister, Please drop the refinancing idea

Last week, the Finance Minister, Kemi Adeosun announced that the Federal Executive Council had approved a plan to refinance $3billion (N1.1trillion) worth of Nigerian Treasury Bills with issuance of 3-year dollar bonds. The aim of the plan, which is still to go the National Assembly for approval, is to lower debt service costs as by […]

Nigeria – Fixed Income Weekly

The week that was (August 7-11) – Finance Minister announces NTB refinancing plan Tight liquidity conditions push benchmark NTB yields higher: Liquidity conditions were tight last week with OBB/ON rates closing at 55.8-59% from 22-22.5% in the prior week. As in prior weeks, CBN continued its assault on system liquidity with net OMO issuances of […]

Nigeria – Fixed Income Weekly

The week that was (July 31-August 4) – CBN continues offensive on system liquidity CBN STABs again:  After a one-month hiatus, the CBN resumed issuance of stabilization securities with a NGN250bn sector wide debit last week Tuesday at a slightly higher discount rate of 17.1% (vs 16% previously) on the 6M tenor.  The development alongside […]