Monthly Archives: April 2018
Nigeria Fixed Income Weekly
The week that was (April 16-20) CBN lowers OMO clearing rates again: As I noted last week, markets rising liquidity levels, which continue to keep overnight borrowing rates at 3%, would continue to underpin downward pressure on the NGN yield curve. Furthermore, the recent rise in oil prices which now seem to be clearing a […]
Nigeria Fixed Income Weekly
The week that was (April 9-13) CBN lowers OMO clearing rates: In response the continued downtrend in the inflation rate, the CBN lowered discount rates at the Open Market Operations (OMO) bill auction to 12.2% (previously 12.6%) and 13.99% (previously 14.4%). At the auction, the CBN sterilized NGN500billion, relative to OMO maturities of NGN476billion, which […]
Nigeria Fixed Income Weekly
Yields succumb to bulging liquidity as CBN blinks..: A heady week for Nigerian debt markets which opened up burdened by a liquidity surfeit following the temporary pause in Open Market Operations (OMO) bill issuance by the CBN. At some point, system liquidity neared NGN1trillion following FAAC inflows which held OBB/Overnight rates down at 3-4% and […]
Nigeria Fixed Income Weekly
The week that was (March 26-29) CBN halts OMO issuances again setting off bullish NTB activity: As I noted in the prior week that the absence of any natural paper supply meant that markets were likely to grapple with a rise in system liquidity with FAAC and OMO maturities of NGN189billion. Little did I know […]
Ghana Fixed Income Weekly
Before I press ahead I would like to apologise for skipping the Ghana FI weekly last week, so this week’s version will recap events over the last two weeks. The fortnight that was (March 19-30) PMA rates closed March lower on robust demand: Relative to planned offer of GHS2.2billion, the Government of Ghana (GoG) sold […]
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