THERE are expectations that bonds stop rates will moderate amid demand pressure despite scheduled issuance of N130 billion worth of the instrument by the Debt Management Office (DMO).
Dealers from Cowry Assets Management Limited said on Friday that the debt office will issue bonds worth N130 billion, viz: 12.50per cent federal government (FGN) APR 2026 (10-Yr Reopening) worth N25 billion, 12.50per cent FGN APR 2035 (15-Yr Re-opening) worth N35 billion, FGN JUL 2045(25-Yr New Issue) worth N35 billion and 12.98 per cent FGN APR 2050 (30-Yr Re-opening) worth N35 billion respectively.
“We expect the bonds stop rates to moderate amid demand pressure,”the dealers stated in a note to clients.
In the new week, it is also expected that the Nigeria Treasury Bills True Yield (NITTY) performance across maturities would be mixed as investors move to the secondary market to buy T-bills maturities with relatively higher yields amid declining stop rates.
Similarly, “We expect to see sustained pressure on the local currency (the Naira/USD exchange rate) amid sustained haemorrhage of the foreign exchange reserves – against the backdrop of weakened crude oil export earnings as well as foreign portfolio inflows,” the dealers from Cowry Assets Management stated in a note to clients.
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