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BONDS Slow down in activities to persists

The slow down in secondary market for FGN bonds last week will persist this week as the Debt Management Office (DMO) conducts its monthly auction this week. Last week, activities were low at the secondary market with yields on all the trading securities

Moderating upward in tandem with the liquidity position of the market. This could be hinged on inability to do OBB transaction as a result technical challenges with T-24.

The DMO will issue a N30 billion three-year bond, N50 billion five-year bond and N20 billion 20-year bond. The offer according to the DMO is to open June 23, 2010.

According to the offer circular, the bonds will be sold at N1,000 per unit subject to a minimum subscription of N10,000 and in multiples of N1,000 thereafter.

At the secondary market turnover of 231.73 million units valued at N261.25 billion was recorded in 2,330 deals, in contrast to the previous week”s turnover of 173.5 million units valued at N198.66 billion in 1,779 deals.

The 7th FGN Bond 2013 Series 1 was the most patronised in the sector, trading 38.1 million units valued at N38.02 billion in 381 deals.

It was followed by the 6th FGN Bond 2029 Series 3 with a traded volume of 29.7 million units valued at N39.95 billion in 228 deals. Of the 39 FGN Bonds available, 24 enjoyed investors” patronage, compared with 20 in the preceding week.


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