Weekly Market Report: August 29th, 2025
Fixed Income in Focus: The market opened net long as under-allocation at the bond auction redirected demand into the secondary market. The 2032s repriced +210bps to 18.00% from the last print, while the new 2030s closed at 17.95%. Consequently, yields at the belly of the curve dipped about 30bps to close 17.55%-17.70% Mid-week, the CBN […]
Weekly Market Report: August 22nd, 2025
Fixed Income in Focus: The fixed income market opened the week on a relatively bearish note, with investors positioning ahead of the mid-week NTB auction. The auction cleared at 21.12% effective yield, about 136bps higher than the previously issued 365-day bill. Following this, the CBN conducted an OMO auction to absorb surplus liquidity, with stop […]
Weekly Market Report: August 15th, 2025
Fixed Income in Focus: The week opened on a cautious, liquidity-tight footing as CRR debits and FX settlements drained cash, flipping system balance from ₦313.9bn long to a ₦94.6bn deficit by Friday. NTB interest stayed skewed to the long end, with 6-Aug and 23-Jul leading prints. OMO supply remained heavy, with 7-Apr anchored around 27.39% […]
Weekly Market Report: August 8th, 2025
Fixed Income in Focus: The week opened on a bearish tone, with the bond market seeing decent activity as investors cut exposure, pushing yields above the 17% mark. An early OMO auction 7-April cleared at 28.18% yield ~ 82bps above the previous sale before trading down to 27.24% and closing at 27.59%. Mid-week, the NTB […]
Weekly Market Report: August 1st, 2025
Fixed Income in Focus: The week opened with active bond and OMO auctions, drawing strong interest across the curve. The DMO’s over allotment, the first in over a month, dampened demand for domestic debt and drove more profit taking activities in the secondary market. Bearish activity persisted towards the close of the week as we […]
Weekly Market Report MPC Edition: July 25th, 2025
Fixed Income in Focus: The week opened with dampened demand across the curve, due to negative liquidity, and CBN’s MPC meeting. NTB activity increased as investors repositioned before the midweek auction. The benchmark 365-day bill extended its bearish trend, shedding 42bps as the CBN stuck to its planned issuance size. Activity in the bond market […]
Weekly Market Report: July 18th, 2025
Fixed Income in Focus: The week opened on a bearish note as system liquidity printed at ₦–280bn, prompting a slight rebound in rates across the curve. Midweek, however, sentiment shifted following the June CPI release, which eased by 75bps to 22.22%, reinforcing dovish expectations ahead of next week’s MPC meeting. This drove renewed bullish positioning, […]
Weekly Market Report: July 11th, 2025
Fixed Income in Focus: The week opened positive with ₦275bn in system liquidity and a bullish tone. The CBN’s mid-week OMO auction saw ₦1.25tn sold at over 200bps below prior stop rates, followed by an NTB auction that also cleared sharply lower +200bps across tenors reinforcing a dovish shift in yield expectations. Demand spilled into […]
Weekly Market Report: July 4th, 2025
Fixed Income in Focus: The week opened with a ₦771bn CBN OMO auction, clearing at 23.99% on the long end. Liquidity opened strong at ₦1.28tn but dropped to ₦588bn post-auction. Despite this, rate on the longer date issue fell by ~124bps signalling bullish sentiment and firm demand Mid-week activity slowed briefly as markets adjusted to […]
Weekly Market Report: June 27th, 2025
Fixed Income in Focus: The week opened with the FGN bond PMA, where strong demand and tight allotments across the Apr 2029 and new Jun 2032 sparked profit-taking. This set a bearish tone, with yields initially declining before rebounding mid-week, particularly across the mid-curve. In the NTB space, the long-end paper dropped 50bps before closing […]