Monday, November 06,
2017 4:18PM /Afrinvest Research
The Treasury Bills ("T-Bills") market
performance was bullish last week after 3 consecutive weeks of sell-off
traceable to improved system liquidity which triggered buying interest. As a result,
average yield on benchmark bills declined 38bps W-o-W to close 17.5% as against
17.9% the previous week.
At the T-Bills Primary Market Auction last Wednesday,
A total of N100.8bn was allotted and investors positioned more at the longer
end of the curve. Nonetheless, rates stayed around the same level. The 91-day,
182-day and 364-day stop rates were 13.1%, 15.3% and 15.6% respectively.
Please see below indicative rates and tenors for
today:
|
Maturity
|
Tenor
(Days)
|
Rate (%)
p.a.
|
|
07-Dec-17
|
31
|
14.50
|
|
11-Jan-18
|
66
|
15.60
|
|
01-Feb-18
|
87
|
15.00
|
|
05-Apr-18
|
150
|
16.10
|
|
26-Jul-18
|
262
|
15.00
|
Please note that the rates are valid till 2pm today
(06-Nov-17)
This week, an OMO maturity of N233.8bn is expected to
hit the system which will sustain investors’ buying interest. Consequently, we
anticipate further drop in rates especially at the short and medium spectrum of
the yield curve.
Notwithstanding, we expect that the Apex Bank will
sustain its intermittent OMO auctions for short and medium dated bills.
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