Nigeria’s Eurobond Yields Plunges amid Sustained Bearish Sentiments.

Date:

In the just concluded week, investors were
mostly bullish on maturities tracked in the
secondary market as the value of FGN
bonds traded increased for most maturities
tracked.

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Specifically, the 10-year, 16.29% FGN MAR 2027 instrument and the 30-year, 12.98% FGN MAR 2050, rose, respectively, by N 1.70 to N 109.00, and N
0.39 to N 86.99.

However, the 20-year 16.25% FGN APR 2037 debt instrument lost N0.05 as its corresponding yield rose to 15.30% (from 15.29%), while the 15-year
12.50% FGN MAR 2035 remained relatively unchanged week on week as its corresponding yield stayed steady at 14.58%.

Elsewhere, the value of FGN Eurobonds traded on the international capital market depreciated further for all maturities tracked amid sustained bearish sentiment.

Specifically, the 10-year, 6.38% JUL 12, 2023, the 20-year, 7.69% paper FEB 23, 2038, and the 30-year, 7.62% NOV 28, 2047, lost USD 0.24, USD 2.01, and USD 2.83, while their corresponding yields rose to 8.34% (from 7.73%), 11.49% (from 11.14%), and 11.39% (from 10.93%), respectively.

the new week, the DMO will auction N225 billion worth of local bonds; viz: N75 billion a piece for the 13.98% FGN FEB 2028, 12.50% FGN APR 2032, 16.25% FGN APR 2037 and 14.80% FGN APR 2049.

Hence, we expect the stop rates to moderate, as DMO might mirror the declining trend in the money market stop rate…

Godwin Okafor
Godwin Okaforhttps://naija247news.com
Godwin Okafor is a veteran Financial Journalist, Internet Social Entrepreneur, and the visionary Founder of Naija247news Media Limited. With an extensive career spanning over 16 years in financial journalism, Godwin possesses a wealth of experience that seamlessly bridges both traditional and digital media landscapes. His journey in journalism commenced at Business Day, Nigeria, where he laid the foundation for his prolific career. In 2010, Godwin took a bold step by founding Naija247news Media, a platform that has since become a prominent player in delivering timely and accurate news. Educationally, Godwin Okafor holds a Bachelor's degree in Industrial Relations and Personnel Management from the prestigious Lagos State University, Ojo, Lagos. His commitment to continuous learning led him to the Lagos Business School, where he further honed his skills. Additionally, he is recognized as a Fellow of the University of Pennsylvania, having successfully completed the Wharton Seminar for Business Journalists. Throughout his illustrious career, Godwin has earned acclaim by winning numerous journalism awards, a testament to his dedication to excellence in reporting. Beyond his role as a Financial Journalist, Godwin Okafor wears the hat of the Chairman at Emmerich Resources Limited, the publishing entity behind Naija247news. His visionary leadership has played a pivotal role in shaping the media landscape and establishing Naija247news as a trusted source of information. Godwin Okafor's multifaceted expertise, commitment to journalistic integrity, and leadership in the realm of business journalism underscore his influential presence in both the media and entrepreneurial spheres.

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