Bearish activity expected, despite N34.54bn worth of maturing T-bills

THERE are expectations that activities in the money market would be bearish as the financial system’s liquidity may rather come in low given the small maturing N34.54 billion worth of T-bills.

Also, dealers say the local over-the-counter (OTC) bond prices would fall (and yields to rise) as traders react to higher rates, especially for the 364-day T-bills.

Meanwhile, the Debt Management Office (DMO) has been honoured with three prestigious awards at the EMEA Finance Achievement Awards 2022 for its unwavering commitment to implementing effective debt management strategies in the emerging markets region, encompassing Europe, the Middle East and Africa (EMEA).

The awards were presented at the EMEA Finance Achievement Awards 2022 Charity Dinner which took place on Thursday, June 8 in London.

The awards bestowed by EMEA Finance, which is renowned in the emerging markets, highlight the outstanding performance of DMO in managing debt and optimising financial resources across diverse markets.

The debt office said the accolades serve as a validation of its tireless efforts in providing innovative solutions to meet the challenges of debt management in the ever-evolving economic climate.

Director-general of the DMO, Patience Oniha, expressed heartfelt gratitude to EMEA Finance for acknowledging the DMO’s efforts and bestowing the prestigious awards.

She emphasised that the success of the DMO can be attributed to its commitment to providing tailored debt management solutions to the Federal Government.

“Receiving these accolades mark a significant milestone for DMO as it solidifies its position as a leading player in the field of debt management within the EMEA region. The DMO’s consistent pursuit of excellence and its ability to deliver remarkable results have been duly recognised and celebrated,” Oniha said.

The first award, ‘Best Sovereign Borrower,’ acknowledges the Federal Government’s commitment to fulfilling its debt obligations as at when due.

The second award, ‘Best Sovereign Bond in EMEA,’ recognises the expertise of the DMO in the successful issuance of the Nigeria’s $4 billion triple-tranche Eurobond in 2021.

The third award, ‘Best Local Currency Bond in EMEA,’ acknowledges the DMO’s proficiency in the facilitation of the Federal Government N250 billion SUKUK in 2021

As the DMO celebrates the remarkable achievements, it renewed its commitment to continue delivering innovative and comprehensive debt management strategies, further solidifying its standing in the EMEA region and beyond.

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