PMA Holds on Wednesday; Average Yield Stay Flat at 13.9%

Proshare

Monday, March 12, 2018 /11:59 AM / Afrinvest Research 

Performance in the Treasury Bills ("T-Bills") market was mixed but largely bullish as the CBN held OMO auctions on 3 of the 5 trading sessions. Accordingly, average rates across tenors remained relatively stable shedding 3bps to close at 13.9% on Friday.

Please see available rates and tenor for today below:

Maturity

Tenor (Days)

Rate (%) p.a.

12-Apr-18

31

12.10

14-Jun-18

94

12.60

05-Jul-18

115

12.70

06-Sep-18

178

13.10

04-Oct-18

206

13.20

OMO Auction

90 to 180 days

13.50

OMO Auction

180 to 300 days

12.00

Please note that rates are valid till 1:30pm today (12-Mar-18)


This week, an OMO maturity of N262bn is expected to hit the system. Also, the CBN has a PMA scheduled this Wednesday. Please see details on the last auction below:

Tenor (days)

Last Stop Rate (%)

91

11.85

182

13.50

364

13.50


Nonetheless, we expect average yield across tenors to trend slightly higher on the back of expected tighter system liquidity on continued OMO mop-ups by the Apex bank.  

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