DMO releases Q4’18 bond issuance calendar indicating an increase in bond supply   

08 October 2018 : The Debt Management Office (DMO) released the Q4’18 bond issuance calendar, indicating an intention to offer between N270 billion and N360 billion across the 5, 7, and 10-year bonds. This compares to offers of N280 billion, N220 billion, and N270 billion in the previous three consecutive quarters, suggesting a likely increase in bond supply in the quarter. 


Analysts note that stop rates have increased at recent auctions; for example, the stop rate on the 10-year bond has increased from 13.5% at the January auction to 15.2% at the September auction. Notably however, investor interest has strengthened recently with the DMO selling more than it offered in September (N97 billion vs N90 billion) and was the third most over-subscribed auction of the year.


Reporting for EasyKobo on Monday , 08 October 2018 in Lagos, Nigeria


Source: Vetiva Capital Management Limited

 



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