FGN Bond Yields Move in Mixed Directions Across the Board…

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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.

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