Monthly Archives: April 2022

April 2022 Bond Auction Postscript

A weak auction, DMO contains upside via non-competitive bids At its monthly bond auction yesterday, the Debt Management Office (DMO) sold NGN349billion worth of bonds relative to an initial target of NGN225billion. Demand was weak with a bid-cover ratio at a four-month low of 1.82x (March: 3.99x), which provides some hint that much of the […]

The Nigerian Fixed Income Weekly

Bearish trends across fixed income, another Eurobond sale on the cards and Naira weakness persists  The week that was (April 19-22) Money market rates remain subdued but bearish sentiments dominate NT-bill trading: Money market rates remained benign, closing the week at the 5-6% levels, as there were no major events that drove liquidity outflows. That […]

Nigeria Fixed Income Weekly

Robust liquidity levels and dovish CBN posture underpins a modest rally in Nigerian Fixed Income, Naira woes continued    Robust financial system liquidity keeps money market rates depressed: Following the repayment of around NGN605billion of the FGN 2022 bond in late January, rates across Nigeria‚Äôs money markets have buckled under the weight of the resulting […]