Monthly Archives: October 2018
Nigeria Fixed Income Weekly
The Week that was (October 22-26): – Yield curve inversion commences as CBN fires up tightening gears CBN raises OMO rates further: For the second week in a row, the CBN hiked the discount rate at its weekly OMO auction by a further 50bps to 14.5% (effective: 16.7%). Consistent with the pattern in recent weeks, […]
Nigeria Fixed Income Weekly
The Week that was (October 15-19): – Renewed hawkish signaling by CBN drives NGN yields higher CBN hikes OMO clearing rates again: After the covert 100bps hike in OMO clearing rates in September following re-introduction of the 1-yr OMO bill at 13.5% (effective yield: 15%), the apex bank jerked rates up by 50bps to 14% (effective […]
Nigeria Fixed Income Weekly
The Week that was (October 8-12): – Yields rise on account of softer liquidity and borrowing calendar Soft NGN liquidity drive markets higher: Last week was largely uneventful data-wise and with no scheduled debt sales, liquidity conditions dictated market movements. On this front, markets opened relatively soft following aggressive CBN sterilization at the end of […]
Nigeria Fixed Income Weekly
The Week that was (October 2-5): – Yields close lower due to higher NGN liquidity Yields decline as CBN adopts a ‘tactical’ approach to OMO sales: In a reverse from an aggressive stance towards system liquidity in September, when the CBN only net repaid NGN75billion (down from NGN904billion in August), the CBN kicked off October […]
Nigeria Fixed Income Weekly
Apologies for delayed publishing. Had an extended independence day holiday and forgot to send it out 🙂 The Week that was (September 24-28): – Mixed signaling from the CBN leaves markets muddled MPC holds but sounds largely hawkish: At the September 2018 MPC, the CBN elected to hold its key monetary policy rate (MPR) unchanged […]
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