| Bonds & Fixed Income |    3640 VIEWS  |
| Bonds & Fixed Income | |
| 3640 VIEWS | |
 |
Friday, November 24, 2017 9:18AM/ Zedcrest Capital
Table 1:Key Indicators
|
Inflation |
15.91% |
Declined
by 0.07% in October from 15.98% in September 2017 |
|
MPR |
14.00% |
Left
unchanged at 14.00% at the MPC meeting of November 2017 |
|
External
Reserves |
$34.43billion |
Accreted
by 2.04% as at 21st November from $34.41bn on 20th
November 2017 |
|
Brent
Crude |
$62.80pb |
Rose
by 0.18% from $62.69pb on 21st November 2017 |
|
|
|||
|
Description |
Bid (%) |
Offer (%) |
Day Change
(%) |
|
16.00 29-Jun-19 |
14.77 |
14.70 |
0.22 |
|
15.54 13-Feb-20 |
14.58 |
14.51 |
0.16 |
|
14.50 15-Jul-21 |
14.83 |
14.76 |
0.06 |
|
16.39 27-Jan-22 |
14.42 |
14.35 |
(0.08) |
|
14.20 14-Mar-24 |
14.80 |
14.73 |
0.07 |
|
12.50 22-Jan-26 |
14.75 |
14.68 |
0.02 |
|
16.29 17-Mar-27 |
14.85 |
14.78 |
0.07 |
|
12.15 18-Jul-34 |
14.52 |
14.45 |
(0.09) |
|
12.40 18-Mar-36 |
14.55 |
14.48 |
0.00 |
|
16.25 18-Apr-37 |
14.45 |
14.38 |
0.00 |
Source: Zedcrest Dealing Desk
Treasury Bills
The
T-bills market was slightly bullish today, with slight buys on the short and
medium end of the curve, as market liquidity was bolstered by OMO maturity inflows
of c.N200bn. The OMO auction by the CBN was well over subscribed to the tune of
N133bn on the 210-day bill offered. The CBN however sold only N2.068bn of the
91-day and N51.96billion of the 210-day bill, as it cut its auction stop rate
by another 5bps for the second day in a row, with rates clearing at 15.95% and
17.70% on the two bills respectively. We expect the market to be slightly
bullish tomorrow, as market players will look to cover some lost bids from the
auction.
|
Table 3: Benchmark Treasury Bills Rates |
|||
|
Description |
Bid (%) |
Offer (%) |
Day Change
(%) |
|
7-Dec-17 |
15.60 |
15.35 |
(0.40) |
|
4-Jan-18 |
16.55 |
16.30 |
0.35 |
|
1-Feb-18 |
16.80 |
16.55 |
(0.20) |
|
1-Mar-18 |
16.00 |
15.75 |
(0.35) |
|
5-Apr-18 |
17.00 |
16.75 |
0.05 |
|
3-May-18 |
17.60 |
17.35 |
0.00 |
|
14-Jun-18 |
17.55 |
17.30 |
(0.05) |
|
5-Jul-18 |
17.50 |
17.25 |
0.00 |
|
2-Aug-18 |
16.75 |
16.50 |
0.00 |
|
13-Sep-18 |
15.00 |
14.75 |
0.00 |
|
4-Oct-18 |
15.25 |
15.00 |
0.00 |
Source: Zedcrest
Dealing Desk
|
Table 4: OMO - 23 November 2017 |
||||
|
Tenor |
Rate (%) |
Offer
(NBn) |
Sub (N'bn) |
Sale
(N'bn) |
|
91
day |
15.95 |
30.00 |
2.07 |
2.07 |
|
210 day |
17.75 |
70.00 |
133.06 |
51.96 |
Source:
CBN
|
Table 5:
Money Market Rates |
||
|
|
Current
(%) |
Previous
(%) |
|
Open Buy Back (OBB) |
11.83 |
27.17 |
|
Overnight (O/N) |
11.96 |
29.17 |
Source: FMDQ, Zedcrest
Research
|
Table 6: FX Rates |
||
|
|
Current
(N/$) |
Previous (
N/$) |
|
CBN Spot |
305.85 |
305.90 |
|
CBN SMIS |
330.00 |
330.00 |
|
I&E FX Window |
360.27 |
360.65 |
|
Parallel Market |
361.80 |
362.10 |
Source:
CBN, FMDQ, REXEL BDC
For more details email research@zedcrestcapital.com or
call the dealing desk via 01-6311667
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