Monday, July 06, 2015
Yields decline across T-Bills instruments …Naira gains 0.38%
Meri Bond Index
Domestic Macros
Demand started strong for the shorter term instruments, as rates in the Treasury bills space declined across all
instruments to peg at an average of 12.61%. The 1M, 2M, 3M, 6M, 9M and 12M instruments closed at 9.09%, 11.42%,
13.44%, 13.58%, 13.73% and 14.37% accordingly.
Rates in the NIBOR space also continued on a downward trend from the previous week, with rates declining across
tenors save for the 6M tenor which advanced by 0.05%. The average decline across tenors was -0.20%, pushing the
average rate to 12.80%. However, the OBB and OVN rates advanced by 0.50% and 0.70% to close at 4.75% and 5.25%
accordingly for the day.
Sell activities in the bond space, pressured yields across most tenors upwards by 0.07%. Offer yield increased across
instruments, save for the JUL-2030, NOV-2028, MAY-2029 and NOV-2029 instruments which recorded declines of
0.04%, 0.05%, 0.07% and 0.05% accordingly. Average yields across instruments pegged at 15.19%.
The domestic currency started the week strong, gaining 0.38% against the dollar to close at a mid-price of
NGN197.77/dollar. This represents a YtD decline in value of -6.68%.
Nominal GDP (NGN'tn)
12.040
Index Level
772.44
GDP Growth Rate
3.96%
Today's CHG
-0.24%
Inflation Rate
9.00%
WtD
-0.24%
Unemployment Rate
7.50%
MtD
-0.24%
Exchange Rate (NGN/$)
197.770
QtD
-0.24%
Interest Rate (MPR)
13.00%
YtD
-11.49%
Reserves ($'bn)
29.215
52-Week's CHG
-26.87%
Average NIBOR Rate
12.80%
Average T-Bills Yield
12.61%
Average Bond Yield
14.72%
Nigeria Inter-Bank Offered Rate (NIBOR)
980
Liquidity Guage
960
RATE
1D CHG
WTD
MTD
QTD
YTD
940
CALL RATE
5.13%
-0.75%
-0.75%
-2.96%
-2.96%
-5.83%
920
1 MONTH
14.15%
-0.06%
-0.06%
-0.47%
-0.47%
-0.37%
3 MONTH
15.58%
-0.02%
-0.02%
-0.40%
-0.40%
0.34%
860
6 MONTH
16.33%
0.05%
0.05%
-0.46%
-0.46%
0.40%
840
900
34.75
880
820
800
Source: FMDQ, Bloomberg, Meristem Research
**Liquidity guage reflects one day lag
Nigerian Treasury Bill (NITTY)
YIELD
1D CHG
WTD
MTD
QTD
YTD
9.09%
-1.24%
-1.24%
-2.81%
-2.81%
-4.50%
2 MONTH
11.42%
-0.55%
-0.55%
-1.84%
-1.84%
-2.32%
3 MONTH
13.44%
-0.15%
-0.15%
0.09%
0.09%
-0.38%
6 MONTH
13.58%
-0.03%
-0.03%
-0.15%
-0.15%
9 MONTH
13.73%
-0.41%
-0.41%
-0.15%
-0.15%
14.00%
-0.26% 13.00%
-0.88% 12.00%
12 MONTH
14.37%
-0.05%
-0.05%
0.31%
0.31%
-0.51% 11.00%
Source: FMDQ, Bloomberg, Meristem Research
16.00%
15.00%
10.00%
Money Market Rates
RATE
T-Bills
17.00%
1 MONTH
1D CHG
9.00%
WTD
MTD
QTD
YTD
OPEN BUY BACK
4.75%
0.50%
0.50%
-2.58%
-2.58%
-6.29%
OVERNIGHT
5.25%
0.75%
0.75%
-2.50%
-2.50%
-6.17%
8.00%
FGN BENCHMARK BONDS AND OFF THE RUN BONDS
1D CHG
Modified
Duration
Coupon (%)
Bid Price
Offer Price
Bid Yield
Offer Yield
Outstanding Value
(N'bn)
Issue Date
Maturity Date
Benchmark Bonds
13.05 16-AUG-2016
0.00%
0.95
13.05%
98.21
98.36
14.81%
14.66%
581.39
16-Aug-13
16-Aug-16
15.10 27-APR-2017
0.30%
1.49
15.10%
100.15
100.30
14.96%
14.86%
476.8
27-Apr-12
27-Apr-17
15.54 13-FEB-2020
0.12%
3.04
15.54%
101.49
101.79
15.06%
14.97%
134.00
13-Feb-15
13-Feb-20
16.39 27-JAN-2022
0.15%
3.76
16.39%
105.71
106.01
14.99%
14.92%
600.00
27-Jan-12
27-Jan-22
14.20 14-MAR-2024
0.17%
4.64
14.20%
97.01
97.31
14.81%
14.75%
559.90
14-Mar-14
14-Mar-24
10.00 23-JUL-2030
-0.04%
5.82
10.00%
68.00
68.30
15.56%
15.49%
591.57
23-Jul-10
23-Jul-30
12.1493 18-JUL-2034
0.00%
5.99
12.15%
82.03
82.33
15.03%
14.97%
324.50
18-Jul-14
18-Jul-34
Off-the-Run Bonds
9.85 27-JUL-2017
0.12%
1.69
9.85%
91.11
91.26
15.02%
14.93%
20.00
27-Jul-07
27-Jul-17
9.35 31-AUG-2017
0.12%
1.78
9.35%
89.85
90.00
15.02%
14.93%
100.00
31-Aug-07
31-Aug-17
10.70 30-MAY-2018
0.12%
2.34
10.70%
90.07
90.22
15.04%
14.97%
300.00
30-May-08
30-May-18
16.00 29-JUN-2019
0.10%
2.88
16.00%
102.84
103.14
15.02%
14.92%
351.3
29-Jun-12
29-Jun-19
7.00 23-OCT-2019
0.08%
3.37
7.00%
75.05
75.35
15.09%
14.97%
233.90
23-Oct-09
23-Oct-19
15.00 28-NOV-2028
-0.05%
5.42
15.00%
94.28
94.58
16.04%
15.98%
75.00
28-Nov-08
28-Nov-28
12.49 22-MAY-2029
-0.07%
5.60
12.49%
79.59
79.89
16.22%
16.16%
150.00
22-May-09
22-May-29
8.50 20-NOV-2029
-0.05%
6.04
8.50%
56.73
57.03
16.42%
16.33%
200.00
20-Nov-09
20-Nov-29
Foreign Exchange Market (NGN Naira/USD Dollar)
Inter-Bank
Spot
BID
197.72
ASK
197.82
SPREAD
MID PRICE
0.05%
197.77
CHANGE
0.38%
7 DAY
201.81
201.93
0.06%
201.87
0.00%
14 DAY
202.13
202.28
0.08%
202.20
0.00%
1 MONTH
202.28
202.87
0.29%
202.58
0.00%
2 MONTH
203.37
204.24
0.43%
203.80
0.00%
3 MONTH
205.31
205.60
0.14%
205.46
0.00%
6 MONTH
207.21
206.28
-0.45%
206.75
0.00%
12 Month
213.47
220.29
3.09%
216.88
0.00%
Nigeria :
250
-6.68%
200
Forward Quotes
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YTD
150
100
50
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