Monthly Archives: January 2022

Nigeria Fixed Income Survey – Q1 2022

Dear friends Forecasting the weather is hard-work but trying to decipher the direction and level of interest rates is probably even harder. In the over 10-years I have spent looking at Nigerian debt markets, I’ve learned to become more humble and less exact in writing about the future. That said, this does not mean the […]

The Nigeria Fixed Income Weekly

The week that was (January 10-21) DMO Q1 Calendar surprises on tenors, but monthly offer size remains unchanged: The DMO released its Q1 2022 offer calendar which placed the target monthly offer at NGN140-160billion with the mid-point at the NGN150billion level that markets were accustomed to seeing over 2021. However, the DMO surprised in terms […]

The Nigeria Fixed Income Weekly

The week that was (January 4-7) Happy new year! Welcome to another year and I wish you and yours a great year with abundance and good health. Looming liquidity deluge induces bullish open to the year:  Debt markets opened 2022 on a bullish note with the S&P Nigeria bond index up 0.21% w/w. Market sentiment […]

Nigerian Fixed Income: 2021 Market Review & 2022 Outlook

After the reggae, comes the blues: A painful year for bond traders Yields along the Naira curve broadly increased in 2021 (up by over 500bps) a reversal from the strong declines observed in 2020 when an unorthodox monetary policy stance by the Central Bank of Nigeria (CBN), that allowed a build-up in financial system liquidity, […]