Nigerian Bonds Benchmark Yield Flattish on Thin Trading
The Federal Government of Nigeria (FGN) bond secondary market saw a calm conclusion to trading activity as the market anticipates a N7 trillion debt capital market increase in 2025. Following the initial frontload by the debt office, the supply of bonds has significantly decreased.
The selloff of the JAN-2026 (+2bps) bond caused the average yield to slightly expand at the short (+1bp) end of the benchmark curve, but it closed flat at the mid and long segments.
At the mid-segment of the benchmark curve, trading activity was concentrated in modest volumes, suggesting that market participants were being cautious.
Buying interest was observed on the May-33 and Feb-34 FGN Bonds, which edged down by basis point and three basis points to 20.60% and 20.65, respectively, according to TrustBanc.
This minor movement was insufficient to impact overall market dynamics. As a result, average yield closed flat at 19.03%. We expect the current market sentiment to persist in tomorrow’s trading session.
There was moderate interest in the February 2031 and May 2033 papers, according to analysts. However, a few trades were executed in the middle of the curve in the secondary market on Thursday, analysts said. #Nigerian Bonds Benchmark Yield Flattish on Thin Trading GCR Revises Outlook on MyCredit to Stable, Affirms Rating
