FGN Bond Yields Move in Mixed Directions Across the Board…


In line with our expectations, the values of FGN bonds traded at the over-the-counter (OTC) segment moved in mixed directions across maturities tracked.

Specifically, the 7-year, 13.53% FGN MAR 2025 note and the 20-year, 16.25% FGN APR 2037 paper gained N0.85 and N2.72 respectively; their corresponding yields fell to 3.06% (from 3.26%) and 4.90% (from 5.04%) respectively.

However, the 5-year, 14.50% FGN JUL 2021 bond and the 10-year, 16.29% FGN MAR 2027 debt lost N0.33 and N2.91 respectively; their corresponding yields rose to 0.89% (from 0.80%) and 3.68% (from 3.34%) respectively.

Meanwhile, the value of FGN Eurobonds traded at the international capital market appreciated for all maturities tracked on renewed bullish 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 gained USD0.03, USD0.40 and USD0.31 respectively; while their corresponding yields fell to 4.19% (from 4.47%), 8.59% (from 8.64%) and 8.47% (from 8.50%) respectively.

In the new week, we expect local OTC bond prices to appreciate (and yields to moderate), as prices in the secondary market continues to track those at the primary market.

This site uses Akismet to reduce spam. Learn how your comment data is processed.