Monthly Archives: June 2022

Nigeria – Fixed Income Weekly

DMO switches to miserly mode at the auction, strain on banking liquidity drives front-end pressures, CBN remained dovish over May from money supply data and weak sentiment across Nigerian Eurobonds The Week that was (June 20-24) DMO ‘undersells’ at the monthly bond auction: At the monthly bond auction where the DMO had NGN225billion on offer, […]

Nigeria – Fixed Income Weekly

Inflation marches ahead, record VAT collections and oil production slumps, bearish trends across fixed income The week that was (June 14-17) Inflation continues to rise on galloping diesel and food prices: The National Bureau of Statistics reported that headline inflation jumped in May to 17.71% (April: 16.82%) just below the lower end of my call […]

Nigeria – Fixed Income Weekly

Bear curve flattening underway, public debt rises in Q1 2022 and corporate tax collections accelerate to 7-year highs The week that was (June 6-10) Mixed trends along the curve as short term rates rise while long dated bonds recline: The divergent trends along the Naira yield curve continued last week:  short-dated Nigerian T-bill (NTB) yields […]

Nigeria – Fixed Income Weekly

Apologies for the delay, I was on the road over the weekend so did not get some time to scribble my thoughts on the week. Improved liquidity from FAAC inflows drives moderation in funding rates, bond markets discount MPR hike The week that was (May 30-June 2) Divergent trends across the Naira yield curve: Interest […]