OTC FGN Bonds Prices Rise for Most Maturities on Sustained Bullish Activity…


In the just concluded week, the value of FGN bonds traded at the over-the-counter (OTC) segment appreciated for most maturities tracked: the 20-year, 10% FGN JULY 2030 note, 10-year, 16.39% FGN JAN 2022 debt, and 5-year, 14.50% FGN JUL 2021 bond increased by N1.48, N0.09 and N0.42 respectively; their corresponding yields moderated to 15.27% (from 15.63%), 14.99% (from 15.03%) and 15.47% (from 15.67%) respectively; however, 7-year, 16.00% FGN JUN 2019 paper fell by N0.13 and its corresponding yield rose to 13.61% (from 13.44%).

Elsewhere, the value of the FGN Eurobonds traded at the international capital market fell for all maturities tracked amid sustained bearish activity – the 10-year, 6.75% JAN 28, 2021 bond, the 10-year, 6.38% JUL 12, 2023 note and the 15-year, 6.50% NOV 28, 2027 paper moderated by USD0.20, USD0.21 and USD0.63 respectively; their corresponding yields rose to 7.50% (from 7.44%), 8.81% (from 8.78%) and 9.21% (from 9.14%) respectively.

In the new week, we expect FGN bond prices to increase (with corresponding fall in yields) at the OTC market amid expected ease in financial system liquidity.

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