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The Nigeria Bond Watch – Review and Outlook @290816

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Monday, August 29, 2016 1:25pm /DLM Research

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During the review week, activities in the domestic fixed income market were influenced by: inflows from statutory FAAC allocation and OMO bills auctions by the CBN.

At the OMO auctions, the CBN offered N100.00billion OMO bills with tenors ranging between 195day to 279day but sold N71.64billion at marginal rate of 18.00%. Subscription stood at N207.30billion, 207% of amount offered. 

Buying activities prevailed at the domestic fixed income market last week, spurred by elevated system liquidity stemming from inflows of N440.00billion from statutory FAAC allocations. As a result, yields declined by an average of 22 basis points on a week on week comparism.  

This week, the DMO is expected to offer N212.85billion T.bills: 91Day (N45.85billion), 182Day (N62.00billion) and 364Day (N105.00billion) at the primary market auction. More so, treasury and OMO bills worth N212.85billion and N129.10billion are expected to be redeemed respectively this week.

As system liquidity remains elevated with anticipated OMO auction from the CBN, yields are expected to reverse and trend northwards as dealers take positions ahead of the auction whilst anticipating the much awaited Nigeria’s 2nd quarter GDP figure.

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