Monthly Archives: July 2018
Nigeria Fixed Income Weekly
The Week that was (July 23-27): – Rates rise as CBN raises the notch on liquidity mop-ups Rise in OMO sales nudges NTB yields higher: Under mounting pressure from workers following unpaid salaries, state governors blinked and grudgingly agreed to approve the release of the June FAAC allocations of nearly NGN822billion, which alongside OMO maturities […]
Nigeria Fixed Income Weekly
The Week that was (July 16-20): – Different strokes for different folks Excess liquidity mutes impact of OMO sales: Despite a pick-up in OMO sales with the CBN taking out NGN496billion relative to OMO maturities of NGN430billion, debt markets continued to remain sufficiently liquid thanks to a combination of coupon inflows from FGN bonds and […]
Nigeria Fixed Income Weekly
The Week that was (July 9-13): – CBN breaks OMO radio silence but bulls slowly return CBN returns but limited impact on debt markets: After a two-week hiatus, the CBN returned to trim rising NGN liquidity with an OMO sale on Thursday of NGN315billion to take out NGN313billion in OMO maturities at unchanged stop rates […]
Nigeria Fixed Income Weekly
The Week that was (July 2-6): – Offshore bears continue to drive yields higher, CBN remains passive Offshore selling fuels bearish sentiment in bonds market: Continuing from last week, foreign sellers continued their retreat from Nigeria’s debt markets ahead of the 2019 elections and spurred by the recent turmoil across emerging and frontier markets. That […]
Nigeria Fixed Income Weekly
The Week that was (June 25-29): – Offshore bears and thinner system liquidity combines to drive rates higher Offshore selling fuels bearish sentiment in debt market: Continuing from last week, foreign investors continued to exit Nigeria’s bond markets with the sales driving a further uptrend in yields (up 20-30ps on average) especially at the long […]
Nigeria Fixed Income Weekly
The Week that was (June 19-22): – CBN remains on the sidelines, foreign sell-off drives bond yields higher CBN remained passive towards system liquidity: Though the CBN opened the week with an OMO auction to lap up the excess liquidity after last week’s no show, the amount NGN136billion of OMO sales paled in comparison to […]
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