There are expectations treasury bills worth N89.56 billion will mature via the primary and secondary markets to more than offset the T-bills worth N69.56 billion which will be auctioned by the Central Bank of Nigeria (CBN) via the primary market.
These will comprise 92-day bills worth 15.92 billion, 182-day bills worth N4.50 billion and 364-day bills worth N49.14 billion.
“We expect the stop rates of the new issuances to marginally increase. In the coming week, we expect the direction of rates in the upcoming auction to drive performance in the domestic bond market,” dealers from Cowry Assets Management Limited said in a note to clients.
Similarly, in the Eurobond market, dealers expect a sustained bullish performance following renewed interest in the space.
In the just concluded week, the CBN issued a total of N20.00 billion at the Open Market Operation (OMO) auction for 96- day (N5 billion at seven per cent), 173-day (N5 billion at 8.50 per cent) and 341-day (N10 billion at 10.10 per cent) to partly drain system liquidity given the maturing OMO bills worth N34 billion.
Nevertheless, Nigeria Interbank Offered Rate (NIBOR) moved in mixed directions across tenor buckets.
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