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Bond Market
Nigeria BondWatch-080413
2013-04-08
During the review week, the general direction of activities was influenced largely by the issuance and maturity of OMO bills, the issuance of a special OMO and a renewed interest from both domestic & foreign investors.
Nigeria BondWatch_010413
2013-04-01
During the review week, N31.84 billion worth of 91day treasury bills was offered and sold at the rate of 11.00% against 10.45% at the previous auction, whilst N59.08billion worth of 182day was offered and sold at the rates of 11.15% against 10.65% during the last auction. Total subscription during the auction was N205.33billion versus N136.55billion at the last auction. In addition, a total of N57.16billion worth of treasury bills across maturities was allotted on a non-competitive basis against N35.02billion during the last auction.
Nigeria Bond Watch_250313
2013-03-25
The review week was one of the busiest in recent months in view of key developments such as 1) the release of the FGN bond & treasury bills auction calendars for 2Q2013; 2) the release of February 2013 inflation numbers, and; 3) the meeting of the Monetary Policy Committee (MPC) amongst others.
Nigeria_BondWatch_180313
2013-03-18
In line with our expectations, activities within the review week was influenced largely by the FGN primary market bond & OMO bills auctions and speculation about the upcoming economic events (release of the February 2013 inflation figures & MPC meeting) during the week.
Nigeria BondWatch_110313
2013-03-11
During the week under review, we observed a shift to a more cautious approach following a sell-off in the market; this came on the back of the OMO auctions that occurred throughout the week, the mid-week treasury bills auction and the release of the March 2013 FGN bonds auction offer circular.
Economic Update: Nigeria�s Output Expands by 6.99% in Q42012
2013-03-08
GDP recorded 6.99% y/y growth in 4Q12. Nigeria's gross domestic product grew by 6.99% y/y in the fourth quarter of 2012, down by 77bps from 7.76% recorded in the corresponding quarter of 2011. We however note that the growth in 4Q output outstrips that of 3Q12 by 51bps. Meanwhile, 4Q nominal GDP is estimated at N10.59trillion (c.US$68bn) against N9.55trillion (c.US$61bn) recorded during the corresponding quarter of 2011.
The Nigerian Bond Watch - Review and Outlook @040313
2013-03-04
During the review week, the general direction of activities was influenced largely by the maturity of OMO bills and a renewed interest from foreign investors.
Nigeria Bond Watch_250213
2013-02-25
The major highlights of the review week were the release of the January 2013 inflation figures, maturity of the 5.50% February 19, 2013 (c.N490bn) and the disbursement of c.N270billion monthly budgetary allocation (FAAC).
Nigeria BondWatch_180213
2013-02-18
The direction of activities during the review week was influenced largely by the FGN primary market bond auction and speculation on the January inflation figures - due to be released during the week - and the c.N490billion government bonds due to mature during the week.
Nigeria BondWatch_110213
2013-02-11
In our assessment of the market last week, the key drivers of activities were the release of the monthly FGN bonds offer circular, treasury bills auction and OMO bills issuance and maturity. Pre- and post-event reactions to these developments by traders led to increased activity in the market during the week.
DMO - February FGN Bond: Offer Circular
2013-02-08
DMO - February FGN Bond: Offer Circular
Nigeria BondWatch 040213_v2
2013-02-04
The week under review was characterised by liquidity tightening by the CBN and profit taking as investors repositioned in line with month-end portfolio alignment. This resulted in relative sustained intra-day volatility and subsequent sustained drop in yields across all actively trading bonds.
An Introduction to Retail Bond Market
2013-01-30
The Role of NSE FIMMs - An Introduction to Retail Bond Market
Fixed Income Market Making - Clearing and Settlement
2013-01-30
NSE Presentation By Mekiliuwa Joseph Head, Operations Central Securities Clearing System Plc.
Fixed Income Market Making -An Overview
2013-01-30
Awareness of fixed income securities is growing among investors both institutional and retail
Fixed Income Market Making- Market Structure
2013-01-30
Trading Platform -Tightly Coupled
Fixed Income Market Making- Securities Lending
2013-01-30
Securities Lending & Bonds � An Overview
The role of Govt stockbroker presentation
2013-01-30
The Role Of SISL as Government Stockbroker
NSE - Market Maker Application Form
2013-01-29
In the Nigerian Stock Exchange�s quest to further deepen the capital market and its focus on product diversity, the management of The Exchange has concluded plans to introduce Market Making Initiative for the fixed income securities on The Exchange as a follow up to the successful introduction of market making on equities.
The Complete Retail Bond Market Structure
2013-01-29
The Complete Retail Bond Market Structure
Operational Guidelines for Market Makers in Retail Bond Trading
2013-01-29
In the Nigerian Stock Exchange�s quest to further deepen the capital market and its focus on product diversity, the management of The Exchange has concluded plans to introduce Market Making Initiative for the fixed income securities on The Exchange as a follow up to the successful introduction of market making on equities
Nigeria BondWatch_280113_v2
2013-01-28
As expected, the key drivers of activities during the review week were the outcome of the MPC meeting, FGN primary market bond auction by the DMO, treasury bills auction by the CBN and the maturity of N150 billion worth of government bonds.
Nigeria Bond Watch_210113_v2
2013-01-21
Key highlights of the week under review are the release of the quarterly FGN bond auction calendar by the DMO, release of December 2012 inflation numbers and general speculation on the outcome of key economic events coming up in the week ahead, which includes the MPC meeting and FGN bonds primary auction.
NIGERIA BOND WATCH_140113
2013-01-14
During the review week, N30.16 billion worth of 91day treasury bills was offered and sold at the rate of 11.55% against 11.70% at the previous auction,
The Nigerian Bond Watch @ 241212_v2
2012-12-24
The Nigerian Bond Watch @ 241212_v2.pdf
NIGERIA BOND WATCH_171212
2012-12-17
NIGERIA BOND WATCH_171212
NG BondWatch 101212 v2
2012-12-10
NG_BondWatch_101212_v2
The Nigerian Bond Watch @ 261112 - DLM
2012-11-26
The Nigerian Bond Watch @ 261112 - DLM
DMO re-opens two FGN Bonds for Subscription
2012-11-21
DMO - November 2012 FGN Bond Offer Circular , as DMO re-opens two FGN Bonds for Subscription
The Nigerian Bond Watch @ 191112 - DLM
2012-11-19
The Nigerian Bond Watch @ 191112 - DLM
The Nigerian Bond Watch @ 121112 - DLM
2012-11-12
The Nigerian Bond Watch @ 121112 - DLM
The Nigerian Bond Watch @ 051112 , DLM
2012-11-05
The Nigerian Bond Watch @ 051112 , DLM
The Nigerian Bond Watch @ 291012 , DLM
2012-10-29
The Nigerian Bond Watch @ 291012 , DLM
The Nigerian Bond Watch @ 221012 � DLM
2012-10-22
The Nigerian Bond Watch @ 221012 � DLM
The Nigerian Bond Watch @ 151012 - DLM
2012-10-15
Highlight of the week under review are the treasury bills auction and the presentation of Nigeria�s proposed appropriation bill for the 2013 fiscal year to the national assembly by the president.
The Nigerian Bond Watch @ 081012 - DLM
2012-10-08
Highlights of the week under review include the addition of Nigeria�s federal government bonds in the JP Morgan GBI EM index, the issuance of Gombe State Series 1 bond and the sustained issuance of OMO bills.
With Nigeria's JP Morgan bond index inclusion, how much upside for bonds?
2012-10-08
The announcement of Nigeria�s inclusion in the JP Morgan Emerging Market Bond Index (JPMEMBI) in mid-August sparked a seismic shift in Nigerian bond markets. By the end of the month, yields had dropped 300 bps leaving traders that had taken short positions in bonds on the back of the fallout of monetary tightening in July scrambling to cover positions in the face of substantial influx of portfolio flows. The event caused widespread excitement in asset markets and in our view�alongside announcements of quantitative easing soon after�helped set the stage for a massive 9.5% rally in equity markets in September 2012.
The Nigerian Bond Watch @ 240912 - DLM
2012-09-24
The week under review opened with the release of the August 2012 inflation figures and the meeting of the Monetary Policy Committee (MPC) being the key consideration and driver of activities in the domestic financial markets. Other highlights of the week were the FGN primary market bond auction by the DMO and treasury bills auction by the CBN. We are also inclined to note the injection of fund into the system through the budgetary allocation (FAAC) at the end of the week, which is expected to boost liquidity in the week ahead.
The Nigerian Bond Watch @ 170912 � DLM
2012-09-17
During the week under review, activities were characterised by speculation on the outcome of events lined up for the week ahead which include the MPC meeting, FGN bonds primary auction and the release of August 2012 inflation figure. Activities at the OTC market for FGN bonds continued to witness intraday volatility as a result of demand pressure from offshore investors. Earlier in the week, the market resumed with relative stability from where it closed the previous week. However, there was a sharp increase in price across all maturities towards the end of the week.
The Nigerian Bond Watch @ 100912 � DLM
2012-09-10
Last week, the over-the-counter (OTC) market recorded high intraday volatility as yields moved down in reaction to recent market developments. The highest negative change was recorded by the 20Y benchmark security with c.149basis points (bps) followed by the 1M benchmark with c.77bps whilst the least affected was the 6M with c.2bps.
The Nigerian Bond Watch @ 030912 � DLM
2012-09-03
In our assessment of the market, we note the sustained influence of the proposed inclusion of Nigerian government bonds in the JP Morgan GBI-EM index on general market activities. As a result, secondary market trading was largely speculative. The maturity of the 9.50 31-Aug-2012 FGN bond worth c.N46.00 billion equally influenced market activities during the review week. Accordingly, there was continued intra-day volatility across all the actively trading bonds which resulted in a significant increase in prices.
The Nigerian Bond Watch @ 270812 � DLM
2012-08-27
In line with general expectations, the treasury bills auction, which took place at mid-week, was the key driver of activities across the market during the review week. Consequently, there was sustained intra-day volatility and subsequent stability as traders adopted a cautious approach.
The Nigerian Bond Watch @ 200812 � DLM
2012-08-20
During the review week, secondary market activities for FGN bonds were influenced by the FGN bonds monthly auction and the announcement of JP Morgan�s intention to include Nigerian FGN bonds in its emerging markets government bond index.
Economic Update: Nigeria's July Inflation Eases To 12.8%
2012-08-20
Marginal decline in July headline inflation. Nigeria�s inflation rate eased to 12.80% y/y in July 2012 (fig. 1), 10 basis points (bps) lower than the 12.90% recorded in the previous month.
The Nigerian Bond Watch @ 130812 � DLM
2012-08-13
In our assessment of the market last week, we observed the influence of the treasury bills auction, which took place mid-week, and the impact of the released CBN guidelines for accessing the lending window and repo transactions on activities across the market. This resulted in relatively sustained intra-day volatility and subsequent stability as traders adopted a cautious approach.
The Nigerian Bond Watch @ 060812 � DLM
2012-08-06
During the review week, secondary market activities for FGN bonds were influenced by the release of the CBN�s guidelines for accessing the lending window and repo transactions. Going forward, authorised dealers in the domestic money market are not allowed to access the WDAS window throughout the term of a repo agreement with the CBN.
DMO - July 2012 FGN Bond Offer Circular
2012-08-06
The Central Bank of Nigeria, Pursuant to the Dept Management Officer
The Nigerian Bond Watch @ 300712 � DLM
2012-07-30
The week under review opened with the meeting of the Monetary Policy Committee (MPC) being the key consideration and driver of activities in the domestic financial markets. Other highlights of the week were the treasury bills auction by the CBN and the settlement of the Access Bank eurobond.
The Nigerian Bond Watch @ 230712 - DLM
2012-07-23
During the review week, secondary market activities for FGN bonds were influenced by the bond auction during which N25.00 billion worth of each of the three (3) bonds on offer were sold i.e. the 15.10 April 27, 2017; 16.00 June 29, 2019 and 16.39 January 27, 2022, at marginal rates of 16.20%, 16.59% and 16.30% respectively against 15.85%, 16.00% and 16.21% respectively during the previous auction.. All the securities were reopened.
Economic Update: NIGERIA - Nigeria�s inflation rate rises to 12.90%
2012-07-20
Moderate increase in headline inflation. Nigeria�s inflation rate inched upwards to 12.90 percent y/y in June 2012 (fig. 1). This was 20 bps higher than the 12.70 percent recorded in the previous month. The moderate increase was partly attributed to the persistent increase in the prices of some farm produce such as yam tubers as well as the increase in the electricity tariff. Other notable increases were observed in the cost of some other recreation and sporting services, catering services, and miscellaneous services However, we note that the effect of the large increase in the electricity index and aforementioned services to the overall index is minimal given their relatively smaller weights in the index.
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