Weekly Market Report: Sep 29th – Oct 3rd, 2025
Fixed Income in Focus: The market opened quietly ahead of the scheduled FGN bond auction. The sale cleared with marginal rates on the reopened 2030s and 2032s down 195 bps and 180 bps from the previous auction respectively, as aggressive bidding (bid-to-cover ratio: 6.5x) sparked a bullish move across the curve. Treasury and OMO bills […]
Weekly Market Report MPC EDITION: September 22 – 26th, 2025
Fixed Income in Focus: The week opened on a quiet note, with bulk activity in the OMO market early on as investors positioned ahead of the MPC policy decision. The Committee cut the MPR by 50 bps to 27.00%, though the bond market showed little reaction as the move had largely been priced in beforehand. […]
Weekly Market Report: September 15 – 19th, 2025
Fixed Income in Focus: The week opened on a bullish tone following softer August inflation data, which set expectations for a dovish tilt at next week’s policy meeting. Sentiment carried into the NTB auction mid-week, where the stop rate on the 364-day bill dropped 91bps to 16.78% (20.15% eff.), confirming strong demand. Yields compressed across […]
Weekly Market Report: September 8-12th, 2025
Fixed Income in Focus: The market opened the week steady, with demand concentrated on the mid-to-long segment of the curve. The Treasury Bills market traded on a subdued tone, as the last issued 364-day bill held steady at a range 17.15 -17.25% throughout the week. The bond market began bullish, with strong demand for the […]
Weekly Market Report: September 4th, 2025
Fixed Income in Focus: The market opened the week with net positive liquidity balances as investors positioned ahead of the mid week NTB auction. The auctioned 364-day paper cleared 25bps higher than the previous issue at eff. 21.48%, pressured by an oversupply of ₦162bn on the long end. The bond market traded on a bullish […]
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 […]