Monthly Archives: December 2017
Nigeria Fixed Income Weekly
The week that was (December 18-22) CBN resumption of OMO issuance triggers profit-taking: In the penultimate week of trading in 2017, the CBN returned to calm fixed income markets with OMO bill issuance of N353billion across 3M and 6M tenors at respective marginal clearing rates of 13.2% (effective: 13.65%) and 14.9% (effective 16.69%). Though system […]
The Bond Market Bull Run of 2017: Drivers and Outlook
In a dramatic turn of events, interest rates across all segments of Nigeria’s fixed income markets collapsed last week following the announcement by the Debt Management Office (DMO) that it would repay N198billion in maturing Nigerian Treasury Bill (NTB) obligations. In the aftermath of the DMO notice, short dated interest rates plummeted by 365basis points […]
Nigeria Fixed Income Weekly
The week that was (December 11-15) – Maturity build-up drives a collapse in yields DMO repayment drives yield curve compression: Against a backdrop of rising system liquidity following CBN’s cessation of OMO bill issuance, rates declined across the Naira yield curve in the aftermath of an announcement by the Debt Management Office (DMO), that it […]
Nigeria Fixed Income Weekly
The week that was (November 27-30) – Divergent movements across the NGN yield curve: CBN wears the reluctant cap again: The CBN emitted more dovish tunes last week as it continued to lower the clearing rate of Open Market Operation (OMO) auctions (down 10bps) across the 3m and 6M tenors on offer and more importantly it […]
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