In line with our expectations, the values of FGN bonds traded at the over-the-counter (OTC) segment appreciated for most maturities tracked.
Specifically, 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 rose by N0.53, N1.29, N7.09 and N6.48 respectively; their corresponding yields fell to 4.16% (from 4.80%), 7.14% (from 7.44%), 8.76% (from 9.95%) and 10.05% (from 10.65%) respectively.
Meanwhile, 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 debt gained USD0.06 and USD0.60 respectively; while their corresponding yields moderated to 8.67% (from 8.68%) and 8.68% (from 8.69%) respectively.
In the new week, we expect OTC bond prices to appreciate (and yields to moderate) against the backdrop of expected boost in financial system.