The bond market closed last week on a relatively quiet note, with yields ticking slightly higher by c.2bps on average, mostly driven by client flows on the medium to long end of the curve.
The market saw selling interests on the 28s and 36s, whilst there was some cherry-picking on the 2034 bonds.
The T-bills Market traded on a slightly bullish note with yields trending lower by c.12bps across the curve. This came as the CBN failed to conduct an OMO auction to mop up excess inflows of c.N244bn from maturing OMO treasury bills.
The OBB and OVN rates crashed significantly by c.11pct to 3.67% and 4.25%, as system liquidity rose significantly higher to c.N380bn est, on the back of inflows from maturing OMO bills.
The Nigeria Sovereigns seem to have eased out from the intense bearish pressures witnessed in the build up to the US FED rate hike decision, as yields compressed by c.10bps due to some cherry-picking by investors across the curve.
The 2038s and 2047s were the most lifted rising by slightly more than a point form their previous day lows.
