FGN Bond Stop Rates Rise for Most Maturities on Increased Allotments…

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In the just concluded week, DMO sold FGN
bonds worth N296.20 billion at the primary
market auction, viz: 5-year, 12.75% FGN APR 2023 worth N30.07 billion, 15-year, 12.50% FGN MAR 2035 paper worth N72.25 billon and 30-year, 12.98% FGN MAR 2050 debt worth N53.74 billion.

Given the increased allotments,
stop rates for most maturities rose marginally: stop rate for 5-year and 30-year bonds rose to 9.20% (from 9.00%) and 12.60% (from 12.50%) respectively; however, stop rate for 15-year
bond fell to 11.70% (from 12.00%).

Meanwhile, the values of FGN bonds traded at the over-the-counter (OTC) segment appreciated for most maturities tracked amid renewed bullish activity: 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 gained N1.88, N1.67 and N0.53 respectively; their corresponding yields fell to 9.66% (from 10.13%), 10.66% (from 10.97%) and 11.49% (from 11.55%) respectively.

However, the 5-year, 14.50% FGN JUL 2021 paper lost N0.09, its yield stood at 5.15%. Elsewhere, the value of FGN Eurobonds traded at the international capital market appreciated for all maturities tracked.

The 10-year, 6.75% JAN 28, 2021 bond, the 20-year, 7.69% FEB 23, 2038 paper and 30-year, 7.62% NOV 28, 2047 debt gained USD1.12, USD6.61 and USD5.88; while their corresponding yields fell to 7.64% (from 9.33%), 9.34% (from 10.26%) and 9.21% (from 9.93%) respectively.

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