FGN N113.41bn bond coupon payments contracts overnight lending rate

The overnight lending rate contracted by 350bps to 6.25%, as FGN bond coupon payments worth NGN113.41 billion came into the system.

Trading in the NTB secondary market was bearish, as average yield expanded by 10bps to 0.5%.

Across the curve, average yield was flat at the short and mid segments, but expanded at the long (+20bps) end, due to the demand for the 276DTM (+70bps) instrument.

At the OMO secondary market, average yield expanded slightly by 1bp to 0.5%.

Activities at the Treasury bond secondary market was bullish, as average yield contracted by 15bps to 4.1%.

Across the curve, average yield contracted across the short (-32bps), mid (-7bps), and long (-5bps) segments, following buying interests in the JAN-2022 (-75bps), FEB-2028 (-40bps) and MAR-2036 (-25bps) bonds, respectively.