March 19 (Lagos) - The CBN once again, took up a less aggressive liquidity stance by holding
off on OMO auctions at week start. Meanwhile, the Interbank Call rate declined 59bps to settle at 10.58%.
In the secondary market, yields continued to decline in the T-bills space, with buy-side activity once again observed. As a result of this, average yields declined 11bps. Most notably, the yields on the 73DTM and 290DTM bills declined 83bps and 31bps to settle at 11.40% and 14.04%
respectively. Meanwhile, trading was tepid in the bond space, with mild sell-off leading to average benchmark yields advancing 1bp.
Specifically, the yields on the 16.2884% FGN MAR 2027 and 16.25% FGN APR 2037
bonds advanced 3bps and 4bps to settle at 14.47% and 14.13% respectively.
Analysts at Vetiva Capital Management Ltd in Victoria Island foresee continued tepid activity in the fixed income space as investors continue to hold back from taking active interest in the market.
reporting for easykobo.com on Wednesdsay, March 19 2019 from Lagos, Nigeria