Fixed Income Market Update   

17 April 2019 : The CBN maintained its pause on OMO auctions for the ninth consecutive session today. Accordingly, the Interbank Call rate moderated from 40.00% to settle at 16.14%. Meanwhile, the secondary T-bills market continued to trade mixed with a negative tilt. Overall, yields moved up by 2bps on average. Although demand from yesterday’s session trickled into the bond space, profit taking on a few maturities also spurred mild sell pressure. Consequently, the bond market traded mixed with a positive tilt, with yields on benchmark bonds declining 1bp on average.

Market Outlook.

The CBN is expected conduct its bi-weekly PMA tomorrow, where analysts anticipate a high level of activity given the recent dearth of primary market activities. That said, analysts expect a quiet day in the T-bills market. Meanwhile, analysts foresee another mixed session in the bond space driven by the interplay of buy and sell sentiment.

Reporting for EasyKobo on Wednesday , 17 April 2019 in Lagos, Nigeria

Source: Vetiva Capital Management Limited


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