This week, we expect a slight improvement in yield due to a tight system liquidity. We, therefore, advise investors to trade cautiously and take advantage of attractive bills across the curve, especially long-dated instruments while they stay informed about offers from corporates.
 
Please see indicative secondary market NT-Bills rates below:

Rates are valid till 01:45 pm today (13-Mar-23)
 *Please note that the minimum subscription for NT-Bills is N100, 000.00
 
 FGN Bond Update: Average Yield Declines 18bps WoW to 13.25%
 Last week, the domestic bond market also witnessed a yield contraction, as market players take advantage of high interest yield in the market. Buy interest was recorded at the short and long-end of the yield curve, as a result, the average FGN Bond yield declined 18bps W-o-W to settle at 13.07% from the 13.25% recorded in the previous week.
 
 The short and long dated instruments saw the most buy bias, as their average yields contracted (36bps W-o-W) and (18bps W-o-W) respectively. Specifically, the MAR-2024, MAR-2027 and APR-2037 instruments declined 88 bps, 57bps and 39bps accordingly.
Going into the week, we expect to see the bulls hold forth as investors continue to hunt for opportunities. We, therefore, advise investors to take advantage of maturities with relatively attractive yields across the curve, particularly at the mid and longer end of the curve.
 
Please see below FGN Bond secondary market rates:

Rates are valid till 01:45 pm today (13-Mar-23)
 *Please note that the minimum subscription for FGN Bond is N20, 000,000.00