The week that was (April 19-23, 2021) The highlight of the week was the monthly bond auction where the DMO sold more than its planned offer at higher rates than in March but leaned heavily on non-competitive bids. Elsewhere, financial market conditions remained tight pushing interest rates higher while the Senate nodded along to some […]

The week that was (April 12-April 16, 2021) The bears continued to push bond yields higher with the long end crossing 14% even as NTB yields hit 9% at the primary market auction on Wednesday. On the data front, March 2021 inflation printed at 18% while rising FX reserves appeared to have spurred the CBN […]

The week that was (March 29 – April 9, 2021) Bond yields revved up over the last one week driven by sell-offs on auction bonds (in particular the 25-year) where yields crossed 13%. Though the Q2 2021 bond auction calendar points to a modest increase in borrowings by the DMO, the underlying driver of the […]