Tag Archives: Naira Yield Curve

Nigeria – Fixed Income Weekly

Trade balance improves, capital flows remain weak, another smooth NT-bill auction and bond market bearish remain in charge The Week that Was (August 8-12) Merchandise trade account moves into green in H1 2022: Updated CBN trade data through June 2022 showed that Nigeria’s external goods account moved into positive territory (USD5.6billion) vs a deficit of […]

Nigeria Fixed Income Weekly

The Week that Was (August 1-5) Oil production slips, CBN Ways & Means rises to NGN20trillion, Rates maintain upward drift and Naira pares losses. Oil production reverses recent gains in July, changing output mix highlights fiscal revenue and FX related headaches:  In a reverse from the pick-up recorded over June, data from the Nigerian Upstream […]

Nigeria Fixed Income Weekly

Liquidity pressures force the DMO’s hand, CBN delivers another rate hike, subsidy headaches set the stage for a record fiscal deficit and Eurobond blues. The Week that Was (July 18-22) DMO wilts under pressure of tight banking system liquidity at the July bond auction:  In the lead up to the July 2022 bond auction, money […]

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 […]

Nigeria – Fixed Income Weekly

Tight liquidity and MPR tightening drives bearish trends in Naira fixed income      The week that was (May 23-27) Q1 2022 GDP: Non-oil GDP growth rebounds strongly: The National Bureau of Statistics (NBS) put out Q1 2022 GDP data which showed that Nigeria’s economy expanded by 3.11% y/y, slower than the 3.98% clocked in Q4 […]

Nigeria – Fixed Income Weekly

Improved liquidity conditions from FAAC inflows drives money market rates lower, Naira woes continue in the real world. The week that was (May 4-6) Money market rates buckle under the weight of FAAC inflows, modest declines across the curve: Money markets were liquid during the week due to inflows from FAAC credits (NGN449billion) and OMO […]

NIGERIA – FIXED INCOME WEEKLY

Tight liquidity conditions pressures short-dated rates, long end comes off on renewed buying, oil production headaches The week that was (April 26-29) Money market rates remain subdued but bearish sentiments dominate NT-bill trading: Money market were under a liquidity strain over last week, brought about by large outflows required to settle the FGN bond/NTB auctions […]

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 […]