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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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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