In the new week, there are expectations that Treasury Bills worth N60.00 billion will mature via Open Market Operation (OMO); hence interbank market rates will moderate amid ease in system liquidity.
Also, dealers from Cowry Assets Management Limited said “we expect NITTY to move southward in the new week as traders waiting on the sidelines begin to take position as stop rates closed flat.”
Dealers also expect activities in the treasury bills market to remain subdued this week as system liquidity remains relatively tight. They also expect local Over The Counter (OTC) bond prices to increase (and yields to moderate) as market participants take cognisance of the new approach by CBN to solving the exchange rate pressure. Hence, a bullish run by traders may set in in the new week.
Similarly, FMDQ Securities Exchange Limited approved the quotation of the Coronation Merchant Bank Limited N0.71 billion Series 13 and N14.13 billion Series 14 Commercial Papers (CPs) in March 2021, and the N1.41 billion Series 15 and N20.19 billion Series 16 CPs in May 2021, both under its N100.00 billion CP Programme, on its platform.
The net proceeds from these CPs according to the lender, will support the issuer’s short-term funding requirements.
The Bond market started the week on a relatively quiet note with mixed sentiment seen across the board as the cherry-picking was sustained on the long end of the curve.
At the close of the week, dealers said the market was slightly bearish with selling interest seen majorly across the board.
The overall average benchmark yields closed at 9.10% for the week which increased week on week (W-o-W) by +0.08 per cent.
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