FGN Bond Prices Close Bullish Across Maturities

September 24, 2017

By Cowry Asset

In In the just concluded week, OTC bond prices climbed further amid bargain hunting activities.

Specifically, the 20-year, 10% FGN JUL 2030 paper, the 10-year, 16.39% FGN JAN 2022 debt, the 7-year, 16.00% FGN JUN 2019 and the 5-year, 14.50% FGN JUL 2021 debt appreciated by N0.35, N1.14, N0.40 and N0.92 respectively; corresponding yields fell to 16.26% (from 16.35%), 15.89% (from 16.26%), 15.95 (from 16.21%) and 16.02% (from 16.35%).

Elsewhere, FGN Eurobonds traded on the London Stock Exchange depreciated in value for all of the maturities amid sustained profit taking.

Prices of the 10-year, 6.75% JAN 28, 2021, the 5-year, 5.13% JUL 12, 2018 and the 10-year, 6.38% JUL 12, 2023 bonds fell by USD0.46 (yield rose to 4.56% from 4.43%), USD0.15 (yield rose to 3.37% from 3.22%) and USD0.61 (yield rose to 5.24% from 5.12%).

This week, we anticipate further bond price appreciation at the OTC market on the back of expected ease in the financial system liquidity.

 

Modupe Gbadeyanka

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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