In the just concluded week, values of FGN bonds traded at the over-the-counter (OTC) segment
moderated for most maturities tracked in line with our expectation: the 7-year, 13.53% FGN
MAR 2025 note, the 10-year, 16.29% FGN MAR 2027 debt and the 20-year, 16.25% FGN APR 2037 bond moderated by N0.35, N1.67 and N3.92 respectively; their corresponding yields rose to 10.91% (from 10.84%), 11.80% (from 11.51%) and 12.12% (from 11.69%) respectively.

On the flip side, the 5-year, 14.50% FGN JUL 2021 paper gained N1.37, its yield fell to 8.20% (from 9.16%). Elsewhere, the value of FGN Eurobonds traded at the international capital market
appreciated for most maturities tracked – the 20-year, 7.69% FEB 23, 2038 paper and the 30-year, 7.62% NOV 28, 2047 bonds gained USD0.21 and USD0.11 respectively; their corresponding yields fell to 7.67% (from 7.69%) and 7.86% (from 7.87%) respectively; however, the 10-year, 6.75% JAN 28, 2021, note lost USD0.06 its yield rose to 3.45% (from 3.44%).

In the new week, against the backdrop of boost in financial system liquidity, we expect FGN bond prices to rise (with corresponding decline in yields) amid expected buy pressure at the OTC market.
EQUITIES

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