The bond market traded on a relatively flat note, as market players moved focus to the bond auction by the Debt Management Office, DMO.
We however witnessed slight sell on the 2026s which lifted yields higher by c.5bps on average.
Results of the FGN Bond auction as published by the DMO confirmed the relative apathy for bonds which has been witnessed recent sessions.
Rates on the 5-yr remained unchanged at 13.50% while the 7– and 10-yr bonds rose by 20 & 16bps above their previous stop rates to 13.80% and 13.81% respectively, with the DMO only able to raise about half of its total bond offering of N60bn.
The market is expected to remain slightly bearish, with only slight demand expected from some lost bids on the 2028s.
The NGERIA Sovereigns traded on a relatively flat note, with yields ticking slightly higher by c.1bp, following slight sell mostly on the 2023s and 2038s. We however witnessed slight buys on the 2047s which gained c.0.15pt.
The NGERIA Corps were mostly bearish, with the most sell off witnessed on the ACCESS 21s, EOTRA 21s and UBANL 22s. We however witnessed some buying interest on the GRTBNL 18s and ZENITH 19s.