{"id":3306,"date":"2024-09-28T04:18:52","date_gmt":"2024-09-28T03:18:52","guid":{"rendered":"https:\/\/synccapitalng.com\/home\/?p=3306"},"modified":"2024-09-28T15:21:30","modified_gmt":"2024-09-28T14:21:30","slug":"investors-sell-off-nigerian-bonds-over-good-governance-concerns-amid-high-yields-report","status":"publish","type":"post","link":"https:\/\/synccapitalng.com\/home\/media\/investors-sell-off-nigerian-bonds-over-good-governance-concerns-amid-high-yields-report\/","title":{"rendered":"Investors sell off Nigerian bonds over good governance concerns amid high yields \u2013 report"},"content":{"rendered":"

Nigerian bonds faced selloffs in the second quarter of 2024, as investors increasingly prioritized good governance over high yields.<\/p>\n

This is according to the Second-Quarter 2024 Report of the National Pension Commission (PenCom).<\/p>\n

The trend reflects a broader shift in the risk appetite of global investors, particularly in emerging markets.<\/p>\n

Despite attractive returns, effective governance in some sectors pushed investors to explore more stable options elsewhere, leading to a volatile quarter for Nigerian sovereign bonds.<\/p>\n

7.82% decline in bond index<\/h3>\n

The report revealed that the S&P\/FMDQ Sovereign Bond Index, which tracks the performance of Nigerian sovereign debt, dropped by 7.82%, falling from N593.86 billion in March 2024 to N547.61 billion by the end of June 2024.<\/p>\n

The report read: \u201cAs of June 30, 2024, the S&P\/FMDQ Sovereign Bond Index, which monitors the performance of sovereign debt issued by the Federal Government of Nigeria, recorded a further decline. The index decreased by 7.82% from N593.86 billion as at March 29, 2024, to N547.61 billion. This reflects continued volatility and changes in the sovereign bond market during Q2:2024. <\/em><\/p>\n

\u201cAlso, Nigerian bonds experienced a sell-off as investors emphasized good governance over high yields in emerging markets.\u201d <\/em><\/p>\n

Investors\u2019 concerns over governance overshadowed the appeal of high returns, especially as the Central Bank of Nigeria (CBN) raised its Monetary Policy Rate to a historic 26.25% to curb inflation, which had risen to 34.19% by the end of Q2 2024.<\/p>\n

It added: \u201cInterest rates across the Naira yield curve showed mixed movements, with short-term rates rising by 190 basis points due to liquidity tightening by the Central Bank of Nigeria (CBN), which raised rates by 150 basis points to a historic 26.25% during its May MPC meeting.\u201d <\/em><\/p>\n

Sales of N1.23 trillion in bonds<\/h3>\n

The Federal Government of Nigeria (FGN) intensified its borrowing during Q2 2024, auctioning N1.23 trillion in bonds. While this contributed to a retracement in bond yields from the elevated levels of Q1, the FMDQ S&P Nigeria Bond Index still saw an 8.2% rise in Q2.<\/p>\n

However, the year-to-date performance remained negative at -3.9%, indicating that investor sentiment had not fully recovered.<\/p>\n

The report noted: \u201cOn the longer end of the spectrum, the Debt Management Office (DMO) auctioned N1.23 trillion in bonds, contributing to a retracement in yields from the peak levels observed in Q1 2024, particularly across less actively traded bonds. This yield adjustment led to an 8.2% rise in the FMDQ S&P Nigeria Bond Index for the quarter, although the year-to-date performance remained negative at -3.9%.\u201d <\/em><\/p>\n

In an effort to tighten liquidity through Open Market Operations (OMO), the CBN recorded sales amounting to N2.9 trillion and a one-year stop rate yield of 28.95%.<\/p>\n

Also, Treasury Bills sales, totaling N2.85 trillion in Q2, saw their average stop rates rise by 323 basis points, reaching 18.08%, while the one-year bill closed at 20.68% (effective yield: 26.03%).<\/p>\n

Pension Fund Asset Managers invest in government securities<\/h3>\n

The report further showed that investments in Federal Government Securities surged by 6.22%, growing from N12.20 trillion in Q1 to N12.96 trillion by the end of Q2 2024. This increase was mainly due to investments in FGN Bonds, which accounted for 96.43% of total FGN Securities.<\/p>\n

It added: \u201cPension Fund Assets were mainly invested in Federal Government Securities (FGN), which accounted for 63.27% of total assets. The composition of investments in FGN Securities were as follows: FGN Bonds, 96.43%; Treasury Bills, 1.95%; and Agency, Sukuk and Green Bonds, 1.62%.\u201d <\/em><\/p>\n

What you should know<\/h3>\n

Nairametrics earlier reported that the Central Bank of Nigeria (CBN) incurred an estimated N1.55 trillion in interest payments<\/a> for the 12 successful Treasury Bills (T-Bills) auctions conduced in the first six months of 2024.<\/p>\n

The interest costs in 2024 were approximately 654.7% higher than the N205.63 billion recorded the same period of the previous year.<\/p>\n

Data from the apex bank revealed that the apex bank has sold Treasury Bills worth N8.4 trillion in the first half of the year for tenors ranging from 91-days, 182-days and 364-day bills.<\/p>\n","protected":false},"excerpt":{"rendered":"

Nigerian bonds faced selloffs in the second quarter of 2024, as investors increasingly prioritized good governance over high yields. This is according to the Second-Quarter 2024 Report of the National Pension Commission (PenCom). The trend reflects a broader shift in the risk appetite of global investors, particularly in emerging markets. Despite attractive returns, effective governance […]<\/p>\n","protected":false},"author":1,"featured_media":3307,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"sfsi_plus_gutenberg_text_before_share":"","sfsi_plus_gutenberg_show_text_before_share":"","sfsi_plus_gutenberg_icon_type":"","sfsi_plus_gutenberg_icon_alignemt":"","sfsi_plus_gutenburg_max_per_row":"","_wp_convertkit_post_meta":{"form":"-1","landing_page":"0","tag":"0","restrict_content":"0"},"footnotes":""},"categories":[22,1],"tags":[],"class_list":["post-3306","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles","category-news"],"yoast_head":"\nInvestors sell off Nigerian bonds over good governance concerns amid high yields \u2013 report - Sync Capital<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/synccapitalng.com\/home\/media\/investors-sell-off-nigerian-bonds-over-good-governance-concerns-amid-high-yields-report\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Investors sell off Nigerian bonds over good governance concerns amid high yields \u2013 report - Sync Capital\" \/>\n<meta property=\"og:description\" content=\"Nigerian bonds faced selloffs in the second quarter of 2024, as investors increasingly prioritized good governance over high yields. 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href=\"https:\/\/synccapitalng.com\/home\/media\/category\/articles\/\" rel=\"category tag\">Articles<\/a> <a href=\"https:\/\/synccapitalng.com\/home\/media\/category\/news\/\" rel=\"category tag\">News<\/a>","rttpg_excerpt":"Nigerian bonds faced selloffs in the second quarter of 2024, as investors increasingly prioritized good governance over high yields. This is according to the Second-Quarter 2024 Report of the National Pension Commission (PenCom). The trend reflects a broader shift in the risk appetite of global investors, particularly in emerging markets. Despite attractive returns, effective governance…","_links":{"self":[{"href":"https:\/\/synccapitalng.com\/home\/wp-json\/wp\/v2\/posts\/3306","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/synccapitalng.com\/home\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/synccapitalng.com\/home\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/synccapitalng.com\/home\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/synccapitalng.com\/home\/wp-json\/wp\/v2\/comments?post=3306"}],"version-history":[{"count":2,"href":"https:\/\/synccapitalng.com\/home\/wp-json\/wp\/v2\/posts\/3306\/revisions"}],"predecessor-version":[{"id":3342,"href":"https:\/\/synccapitalng.com\/home\/wp-json\/wp\/v2\/posts\/3306\/revisions\/3342"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/synccapitalng.com\/home\/wp-json\/wp\/v2\/media\/3307"}],"wp:attachment":[{"href":"https:\/\/synccapitalng.com\/home\/wp-json\/wp\/v2\/media?parent=3306"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/synccapitalng.com\/home\/wp-json\/wp\/v2\/categories?post=3306"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/synccapitalng.com\/home\/wp-json\/wp\/v2\/tags?post=3306"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}