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    Prosecutors demand six-year prison sentence for Simon Ekpa

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    SEC alerts Nigerians of illegal operator Silverkuun Investment Cooperative Society/Silverkuun Limited

    SEC alerts Nigerians of illegal operator Silverkuun Investment Cooperative Society/Silverkuun Limited

    Legal Expert says only Rivers State can collect VAT as at today following Appeal Court’s order to “maintain status quo”

    Wike describes Seyi Makinde as chief architect of PDP problems

    ELECTION: Cutix Plc reschedules Board Meeting

    Weekly Report: Nigerian Exchange sees mixed performance as Cutix Plc emerge top gainer

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    President Bola Tinubu Approves New Heads of Federal Agencies & Commissions

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    UH Real Estate Investment Trust to distribute N5.05 per unit to unit holders

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    Breaking: President Joe Biden diagnosed with “aggressive” cancer

    Mexican Navy Ship crashes into New York Bridge

    Mexican Navy Ship crashes into New York Bridge

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    UK tightens visa rules for care workers, skilled workers and students

    United States scraps visa dropbox service for Nigerian applicants

    President Donald Trump cancels protection for 500,000 Haitian migrants

    Spain golden visa scheme ends as Portugal and Greece demand increases

    Spain golden visa scheme ends as Portugal and Greece demand increases

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    CBN ends free ATM withdrawals for other banks’customers

    FG increases private university application fee from N5m to N25m

    FG increases private university application fee from N5m to N25m

    United States scraps visa dropbox service for Nigerian applicants

    United States scraps visa dropbox service for Nigerian applicants

    Buhari says Nigeria security and economy improved during his tenure

    Buhari says Nigeria security and economy improved during his tenure

    Air Sierra Leone commences flight operations to Lagos

    Air Sierra Leone commences flight operations to Lagos

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    Dangote Group announces major investment in rice production

    Dangote Group announces major investment in rice production

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    NNPC Ltd Announces Maintenance Shutdown of Port Harcourt Refinery

    Security features of the new naira notes revealed by the CBN

    The Frontier Fund unit holders to get N17 per unit distribution

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    Again DMO offers N360 billion FGN bond for February

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    NGX Daily Equities Market Report: Market gains for third consecutive days

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    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

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Fixed Income Market: Bears Dominate Bonds Market, Naira Comes Under Pressure

Saturday, 6 February 2021, 10:32 am
in Markets, Rates & Bonds
0
Fixed Income Market: Tide Remains Bleak in the Fixed Income Market
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(Greenwich Merchant Bank): The Fixed Income market traded on a mixed note this week as outcomes varied across markets. The NT-bills market opened on a bearish footing at the start of the week with an average yield reaching 1.2% before moderating by mid-week following buying interests across the curve.

Specifically, bids on long-dated bills on Wednesday pushed the average yield in the market lower by 21bps to 1.0%. While the market returned bearish in the subsequent sessions, the momentum was not enough to reverse the decline in yields. Thus, yields averaged 1.0% WoW at the close of trade on Friday compared to 1.1% last week.

  • Read: Central Bank of Nigeria instructs banks to close accounts related to Crypto
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Next week, we expect the rollover of bills worth NGN19.8bn, NGN10.0bn, and NGN140.0bn across the 91-day, 182-day, and 364-day instruments, respectively. At the Primary Market Auction (PMA), we expect investors to continue to widen the bid range in search of higher stop rates.

Elsewhere, the OMO market was largely bearish, marked by a 31bps rise in yields to an average of 2.0% from 1.7%. During the week, the CBN sold OMO-bills worth NGN10.0bn (89-day), NGN10.0bn (180-day), and NGN51.7bn (362-day) at superior rates of 7.0%, 8.5%, and 10.1% apiece.

This is a sharp spike to the prevailing rates seen in the market lately. We opine that the steep hike in OMO-bills stop rates by the Apex bank is an attempt to stem down FX demand pressure from foreign investors stuck in the market. Next week, we expect OMO-bills maturity worth NGN213.9bn to hit the system, thereby, further bolstering liquidity.

The Open Buy Back and Over Night rate remained elevated this week, closing at 17.5% and 18.0%, up from 10.5% and 11.0% respectively in the previous week amid a tighter liquidity environment.

This week, the Bonds market traded with a bullish bias. Notably, yields contracted across the belly (-23bps) and tail (-7bps) segments of the market, while investors sold off instruments at the short end (+12bps). Consequently, the average bonds yield dipped by 7bps to settle at 8.0% from 8.1% on a WoW basis.

In the FX market, the Naira weakened at the Parallel market to NGN480.00/USD from NGN478.20/USD in the prior week. Further afield, turnover eased by 23.4% WoW in the Investors’ & Exporters’ Window (I&EW) to a weekly average of USD200.4mn compared to USD261.5mn in the prior week. Against this backdrop, the Naira came under pressure at the I&E Window to close at an average of NGN395.56/USD relative to NGN394.24/USD last week.

In the coming week, we expect investors to remain cautious and pessimistic in the fixed income space.

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