Nigeria Bonds Yield Slips, Market Expects Supply
Nigerian government Bond yields continue to decline across the belly of the curve as market participants continue to display buying interests in the 31s and 33s in particular. Investors were active in the secondary market amidst tight supply at the main auction.
Meanwhile, the average yield expanded at the short (+1bp) end, driven by profit-taking activities in the FEB-2028 (+2bps) bond. However, yield contracted at the mid (-5bps) segment due to the demand for the JUL-2034 (-25bps) bond. Hence, the average yield decreased to 18.82%.
Investors are expecting bonds supply to remain tight as the Debt Management Office plans to conduct primary market auction for June. The auction will close second quarter borrowing plan via local debt capital market. #Nigeria Bonds Yield Slips, Market Expects Supply#
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