By Cowry Asset
In the bond market, FGN bonds traded at the OTC segment moved in mixed directions: The 20-year, 10.00% FGN JULY 2030 debt and the 10-year 16.39% FGN JAN 2022 bond shed N0.06 and N0.03 respectively; their corresponding yields rose to 16.09% (from 16.07%) and 16.19% respectively.
However, the 7-year 16.00% FGN JUN 2019 debt gained N0.05 and N0.06 respectively; their corresponding yields fell to 16.43% (from 16.45%) and 16.43% respectively.
Elsewhere, FGN Eurobonds traded on the London Stock Exchange depreciated in value across most of the maturities amid profit taking. The 5-year, 5.13% JUL 12, 2018 bond and the 10-year, 6.38% JUL 12, 2023 bond appreciated by USD0.03 (yield rose to 3.42%) and USD0.02 (yield rose to 5.54%) respectively.
This week, we anticipate stability in bond prices in the OTC market on the back of expected boost in financial system liquidity