nitrogen:
PRIMARY AUCTION RESULTS

91 Days- 9.79%

182 Days - 10.17%

364 Days - 10.35%

Regards.

nitrogen:
PRIMARY AUCTION RESULTS

91 Days- 9.79%

182 Days - 10.17%

364 Days - 10.35%

Regards.

Expected the rates to be on the rise by now. Well, compared to other countries I guess our rates are still better. My banks rate for the 91 days was 9.5%

angelo82:

I have never bought from the primary market but recently I had to and my last bid failed so I bid lower.My question is if my bid is lower to the successful bid,am I going to get the rate of the successful bid?

nitrogen:

Multiple bids auction system, you will get your bid rate, just ensure that your bid rate is lower than or equal to the stop rate, if it was a bond auction, then the stop rate would be for everybody, as in all winners would be allotted at the same rate (stop rate).

angelo82:

I am talking about T.Bills here……I instructed my bank to bid at 10% to avoid loosing the bid like last week but successful bid is 10.17%….Am I going to get 10.17% or what?

nitrogen:

You will get 10.00%.

angelo82:

I see….For some years I have been buying from the secondary market but since the secondary market rate is below 10%,then I had to bid in the primary market….I really have to find a solution to my funds…….Thanks.

nitrogen:

You sure about the bolded? I think it is your bank that always give you a certain rate, with you thinking that it is the secondary market you are buying from, the minimum volume required for secondary market purchase or sale is 250m. Well, maybe your fund is close to or well over 250m, and if that is the case, then you have been accessing the secondary market truly.

By the way, the last time I checked, you can get 10.60 or so for a mid-tenor bill in the secondary market, also, there are Omo bills at 10.75/10.80.

It all depends on your advisor sha.

angelo82:

I am very sure…Infact I bought one in august from a different bank which will mature by Feb……You can buy from some banks at anytime not necessarily if there is auction or not.When it was 12% for 180days at the auction,I bought from bank at 11.2%…..But this very bank only buy through CBN auction and by Gods grace,I will move my fund by march next year to one of my other banks because after the election I may opt for something better….

nitrogen:

You sure about the bolded? I think it is your bank that always give you a certain rate, with you thinking that it is the secondary market you are buying from, the minimum volume required for secondary market purchase or sale is 250m. Well, maybe your fund is close to or well over 250m, and if that is the case, then you have been accessing the secondary market truly.

By the way, the last time I checked, you can get 10.60 or so for a mid-tenor bill in the secondary market, also, there are Omo bills at 10.75/10.80.

It all depends on your advisor sha.

Mpeace: I also buy from the secoondary market with far lesser fund. The minimum is 100k and you can actually buy on any working day of the week, that is why I like it. I use diamond bank.

nitrogen:
PRIMARY AUCTION RESULTS

91 Days- 9.79%

182 Days - 10.17%

364 Days - 10.35%

Regards.

nitrogen:
For where? It's your bank that is pulling all these stunts. Trust me, I know what I am saying, naija financial market (fixed income and equities) is part of my terrain so to speak.

kinnad: Never knew there is auction already. Please house if I should go to my bank in the morning, will I still be opportuned to buy some? Sorry, am a newbie

nitrogen:

Yes, this just confirmed my assertion, you don't buy from the secondary market, that one you are doing is just an arrangement/scheme by the bank.

We have two markets for treasury bills, primary and secondary, secondary is OTC (over the counter), so it means you can trade all tradable bills daily, just like the stock exchange market, but this time, it is done over the counter, and the minimum volume traded is 250m. Most times, individuals can't access it, banks, PFAs, and discount houses do.

Yours is just an arrangement between you and your bank. They get the bills and sell at a lower rate to you.

nitrogen:

Yours is just an arrangement between you and your bank. They get the bills and sell at a lower rate to you.

Elai147:
If a primary dealer buys in bulk from the primary market and sell to you at a lower rate, it is still a secondary market transaction.

nitrogen:

Okay, I get you now, right, any arrangement outside the primary market can be termed a secondary market transaction.

What I am just saying is this, there is an OTC market (maybe main secondary market) where rates of bills changes daily, just like stocks, e.g a 91 day bill you bought last week at 9.95%, may have changed to 10.10%, of course, the tenor would have changed to maybe 85 days. Now one can buy that bill at 10.10%, but it isn't accessible by individuals. Arrangements are very much different from what I am saying.

Basically, there is a market where the rates of bills changes daily, and also where big institutions, bills traders, pension fund guys etc buy and sell bills daily. You see that itrade platform, something like that exists for bills trading too.

ernie4life:
no upfront in kgif and the rate is 12%( No with holding tax)

yogun:

what is the minimum investment on KGIF?

ernie4life:

50k

yogun:

Can u kindly send me your acct manager contact number?

confluence: @earnie4life, i did KGIF FEW MONTHS BACK , I HAVE SOME QUESTIONS FOR YOU, CAN i have your phone number please?
my is zero eight zero three six six nine one nine 5 6

ernie4life:
Ok I will send you a pm, reply the PM and I will send you the number. I can't post his number here, so I will send it to your email

yogun:

Can u kindly resend the pm, I just changed the email address attached to this account cos I can't access my yahoo on this device