Rates to remain flat on N180.8bn OMO maturities

THERE are expectations that in the week ahead, money market rates would remain within the same band as last week’s, and that the Central Bank of Nigeria (CBN) will mop-up liquidity following Open Market Operation (OMO) maturities of ₦180.8billion.

Similarly, dealers anticipate positive performance in the domestic bond market as investors take positions  after unmet bids at the auction. In the Eurobond space, “we expect the dampened sentiment to continue and the issuance of Ghana Eurobond instrument,” one dealer said.

However, auction result were released for the 16.2884 Federal Government (FGN) March 2027 (Re-opening 10-Year Bond), 12.50 per cent FGN March 2035 (Re-opening 15-Year Bond) & 9.80per cent FGN July 2045 (Re-opening 25-Year Bond).

Successful bids for the 16.2884per cent FGN MAR 2027, 12.5000per cent FGN MAR 2035 & 9.8000per cent FGN JUL 2045 were allotted at the Marginal Rates of 10.5000per cent, 11.5000per cent and 12.0000per cent, respectively.

Dealers said the original coupon rates of 16.2884per cent for the 16.2884per cent FGN MAR 2027, 12.5000 per cent for the 12.5000per cent FGN MAR 2035 and 9.8000per cent for the 9.8000per cent  FGN JUL 2045 will be maintained.

Meanwhile, Dangote Cement Plc.  has obtained approval from its Board of Directors to access the Capital Market to support business growth and maximize available sources of its debt funding.

When raised, the proposed funding will be used for capital expenditure of the Company’s expansion projects, short term debt refinancing, and working capital requirements.

Dangote Cement Plc. is Nigeria’s largest listed entity by market capitalization on the Nigerian Stock Exchange, as well as Sub-Saharan Africa’s leading cement producer, with a combined installed capacity of 48.6Mta across its operations in 10 African countries.

The Company has submitted an application to the Securities and Exchange Commission (SEC) for the registration of a bond issuance programme.

Subsequent to obtaining regulatory approvals, the Company intends to explore its medium to long-term debt funding options through the debt capital market, subject to favorable market conditions.


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