FGN Bond Yields Fall for Most Maturities on Sustained Bullish Activity…


In line with our expectations, the values of FGN bonds traded at the over-the-counter (OTC) segment appreciated for most maturities tracked amid sustained bullish activity: the 5-year, 14.50% FGN JUL 2021 paper, 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 N1.10, N4.83, N1.94 and N0.53 respectively; their corresponding yields fell further to 5.01% (from 5.15%), 8.51% (from 9.66%), 10.30% (from 10.66%) and 11.43% (from 11.49%) respectively.

Elsewhere, the value of FGN Eurobonds traded at the international capital market depreciated for most maturities tracked.

The 20-year, 7.69% FEB 23, 2038 paper and 30-year, 7.62% NOV 28, 2047 debt lost USD1.02 and USD1.74; while their corresponding yields rose to 9.48% (from 9.34%) and 9.41% (from 9.21%) respectively.

However, the 10-year, 6.75% JAN 28, 2021 bond gained USD0.26, its corresponding yield fell to 7.26% (from 7.64%).

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