FGN Bonds Yields Move in Mixed Directions Across Maturities Tracked…


In the just concluded week, the value of FGN bonds moved in mixed directions across
maturities tracked.

Specifically, the 10-year 13.98% FGN MAR 2028 debt and the 10-year 16.29% FGN MAR 2027 bond gained N0.32 and N0.54 respectively; their corresponding
yields fell to 11.76% (from 11.85%) and
11.86% (from 11.98%) respectively amid buy

However, the 5-year, 13.53% FGN
APR 2025 paper and the 20-year 16.25% FGN
MAR 2037 paper moderated by N3.01 and
N0.58; their corresponding yields rose to 10.61% (from 9.60%) and 13.06% (from 12.99%) amid sell-offs.

Elsewhere, the value of FGN Eurobonds traded at the international capital market appreciated for all maturities tracked on renewed buy interest; the 10-year, 6.375% JUL 12, 2023 bond, the 20-year, 7.69% FEB 23, 2038 paper and the 30-year, 7.62% NOV 28, 2047 debt gained USD0.03, USD1.37 and USD1.86 respectively; their corresponding yields rose to 4.61% (from 4.65%), 8.70% (from 8.87%) and 8.76% (from 8.96%) respectively.

In the new week, we expect the value of FGN Eurobonds to rise (and yields to decrease) as rates in this space appear very attractive at close to 9%.