The FGN secondary bond market continued in a positive trajectory, as average yield dipped by 67bps w-o-w to 18.96% from 19.62% in the past week.
In more details, demands were witnessed across all the curve, as average yield at the short, mid, and long ends of the curve increased by 63bps, 88bps, and 55bps w-o-w respectively.
The MAR-2025, FEB-2034 and MAR-2050 instruments witnessed the most buying interest across respective tenors as their yields fell 203bps, 152bps and 163bps w-o-w consecutively.
This week, we expect the bullish sentiment to persist, given the robust system liquidity (which stood at N624.3bn long as of Friday, 30-Aug-24).
Hence, we advise investors to take advantage of maturities with relatively attractive offers in the secondary market particularly at the short end of the curve.
