FGN Bond Yields Fall Further for All Maturities Tracked on Sustained Bullish Activity…


In the just concluded week, the values of FGN bonds traded at the over-the-counter (OTC) segment appreciated for all maturities tracked amid sustained bullish activity.

Specifically, the 5-year, 14.50% FGN JUL 2021 bond, 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 debt gained N0.21, N3.42, N2.24 and N1.49 respectively; their corresponding yields fell to 2.34% (from 2.81%), 5.16% (from 5.91%), 7.72% (from 8.09%) and 9.90% (from 10.04%) respectively.

Meanwhile, the value of FGN Eurobonds traded at the international capital market depreciated for all maturities tracked amid renewed bearish activity.

The 10-year, 6.75% JAN 28, 2021 bond, the 20-year, 7.69% FEB 23, 2038 paper and the 30-year, 7.62% NOV 28, 2047 debt lost USD0.10, USD2.62 and USD3.17 respectively; while their corresponding yields increased to 4.31% (from 4.17%), 8.10% (from 7.81%) and 8.19% (from 7.89%) respectively.

In the new week, we expect the value of FGN Eurobonds prices to appreciate (and yields to moderate), amid declining local bonds yields which are currently below 10%.

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