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The average yield on Federal Government of Nigeria (FGN) bonds increased slightly following soft but bearish trading activities in the secondary market.

Nigeria’s 5-year bonds were priced higher by 14 basis points (bps) at the primary market auction (PMA)  conducted by the Debt Management Office (DMO) on Wednesday.

The Federal Government, through the Debt Management Office (DMO) has offered two FGN bonds valued at N120 billion for subscription through auction.

The Nigerian bonds benchmark yield rose by 5 basis points (bps) in the secondary market last week as investors trimmed holdings

The spot rate on 364-day tenor Nigerian Treasury bills has been slashed further at the primary market auction conducted by the monetray authority on Wednesday. 

Nigerian Bonds Yield Rises as Investors Trim Holdings The Nigerian bonds benchmark yield rose in the secondary market as local…

Local investors in the Nigerian bond market scaled back as portfolio rebalancing efforts persisted. Investors trimmed their positions or holdings in FGN bonds in the secondary market. Notably, sell-side action transactions outpaced moderate buying experience.

Trading activities at the Nigerian bonds secondary market ended on a mixed note amidst interest rate hike expectations in the new week.

Trading activities on Nigerian Treasury bills boomed in the secondary market after the spot rate on the 364-day paper was adjusted by 50 basis points to 23.50% during midweek auction.

Trading activity in the secondary market for FGN bond stayed on a calmer note, causing the average yield to clip at 19.44%. With a widening inflation rate, the negative real return on Nigerian bond investment has increased to about 7%.