FGN Bond Yields Appreciate for all Maturities Tracked amid Demand Pressure…


In line with our expectations, the values of FGN bonds traded at the over-the-counter (OTC) segment increased for all maturities tracked.

Specifically, the 5-year, 14.50% FGN JUL 2021 bond, the 7-year, 13.53% FGN MAR 2025 note and the 10-year, 16.29% FGN MAR 2027 debt gained N0.04, N4.04 and N0.01 respectively; their corresponding yields fell to 0.89% (from 3.26%), 2.24% (from 3.06%) and 3.65% (from 3.68%) respectively.

However, the 20-year, 16.25% FGN APR 2037 paper was flattish at 4.90%.

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 USD0.14, USD5.02 and USD5.28 respectively; while their corresponding yields fell to 3.35% (from 4.19%), 8.02% (from 8.59%) and 7.95% (from 8.47%) 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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