T-Bills Yield Sheds 0.07% on Renewed Buy Pressure

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By Dipo Olowookere

The secondary market for treasury bills traded bullish on Wednesday as investors renewed their demands for the debt instrument.

Business Post reports that yields fell across the tenors at yesterday’s session, with the exception of the 12-month maturity, which closed flat.

At the close of business transactions on Wednesday, the average yields went down by 0.07 percent to settle at 12.06 percent.

An analysis of the yield trend indicated that the one-month bill lost 0.13 percent to settle at 10.71 percent, the three-month instrument went down by 0.12 percent to finish at 11.61 percent, the six-month bill declined by 0.01 percent to close at 12.51 percent, while the 12-month bill was flat to end at 13.41 percent.

“We expect demand interests to persist, due to the relatively buoyant system liquidity level and continued absence of an OMO auction by the CBN,” analysts at Zedcrest Research said.

Meanwhile, rates in the money market moderated further by 2.07 percent yesterday in the absence of any significant outflows from the system.

This came on the back of the 2 percent decline in the Open Buy Back (OBB) rate and the 2.14 percent loss in the Overnight (OVN) rate.

At the close of transaction, the average money market rates dropped to 5.79 percent as the OBB rate went down to 5.50 percent from 7.50 percent, while the OVN rate decreased to 6.07 percent from 8.21 percent, with system liquidity estimated to be relatively unchanged at N290 billion.

“We expect rates to moderate further today, due to the N31 billion expected OMO maturities. This is however, barring a renewed OMO sale by the CBN,” Zedcrest Research stated further.

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