In the just concluded week, the value of FGN bonds fluctuated in the secondary market as investors cherry-picked maturities with attractive yields.
The 10-year 16.29% FGN MAR 2027 bond paper, in
particular, lost N1.27 as its yield jumped to 13.05% (from 12.71%); the 30-year 12.98% FGN MAR 2050 instrument gained N0.73 while its yield declined to 13.65% (from 13.75%).
The yields on the 15-year 12.50% FGN MAR 2035 bond and the 20-year 16.25% FGN MAR 2037 bond stayed constant, and closing the week at 13.16% and 13.46%, respectively.
Elsewhere, For all maturities tracked, the value of FGN Eurobonds traded in the international capital market increased; 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 each gained USD 0.48, USD 1.42, and USD 2.26, respectively; their corresponding yields decreased to 9.10% (from 9.63%), 12.48% (from 12.77%), and 12.07% (from 12.50%).
In the new week, we expect to see increased bearish activity in the local FGN bonds space as FGN Eurobonds yields appear to be relatively high…
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Reporting by Naija247news in Lagos, Nigeria.
