Another decent FGN bond auction

The demand at this auction primarily reflects improved system liquidity as call, overnight, and repo rates closed within a range of 6% – 30%. We note there was substantial demand for longer-tenured bonds, such as the FEB 2034 bond (N150bn was offered, while N461.8bn was allotted).

Domestic institutions remain the core participants at the FGN bond auction. According to the latest monthly report by the National Pension Commission (PENCOM), FGN bonds held by pension fund administrators as at end- February ’24 increased by 22.8% y/y to N11.7trn vs N9.6trn recorded in the corresponding period of 2023. The PENCOM report shows that FGN bonds accounted for 59.5% of total assets under management (AUM).

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