The Fixedincome Securities as at July 18, 2018

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Bond market

The Debt Management Office (DMO) has released the  Quarter 3 2018 FGN Bond Calendar. The volume on offer is higher as against Quarter 2 calendar, especially on the 10-yr FGN bond.

The secondary market FGN bond yield dipped across tradable benchmark bonds. Market was bullish for medium maturities especially for FGN 2026 & 2028 maturities.


Treasury bills.

The bullish sentiment persisted on the 3rd day running  across the benchmark securities. Investor demand was notable on the short to medium maturities as rate dipped  by 40bps on the average.At the  Primary Market  Auction, the DMO sold a total of N107.04bn for

the 91,182 and 364day . The stop rates for the 91, 182 and 364-day bills were 10.00%, 10.50% & 11.49%

respectively. The Primary market auction result is expected to influence market activities in the secondary  today. OMO maturities of N430.18bn expected to hit the banking system today as investors will reinvest maturities from repayments.We expect CBN to conduct OMO to mop up excess Liquidity from system.


Interbank

The interbank rate decreased despite Liquidity in the system .The overnight and Open Buy-Back  rates closed at 5.67% and 6.67%.The total volume of Omo Auction which will be mopped  up by the CBN will determine the direction of money market rate.

The Naira remained relatively stable, with the Interbank rate closing at N305.85/$

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