In recent times Nigeria has been facing severe economic recession. Oil prices have plummeted, unemployment is on the rise, inflation is soaring, and the Naira has seriously depreciated in value.

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ernie4life:


N40,000,000,000 – 14.50% FGN JUL 2021 (5-Yr Re-opening)*
N40,000,000,000 - 12.50% FGN JAN 2026 (10-Yr Re-opening)*
N40,000,000,000 - 12.40% FGN MAR 2036 (20-Yr Re-opening)*

Auction Date: September 14, 2016
Settlement Date: September 16, 2016

noticed the yeilds for fgn bonds is quite low compared to NTB. I expect the bonds should have equivalent or even higher yeilds since it is a much longer and hence riskier investment

wuwu2:
noticed the yeilds for fgn bonds is quite low compared to NTB. I expect the bonds should have equivalent or even higher yeilds since it is a much longer and hence riskier investment

since the period is longer, the yield will be lower. That is the way it normally is. A high double digit yield over a long period implies the economy will get worse in the future

wow

tunene66:


since the period is longer, the yield will be lower. That is the way it normally is. A high double digit yield over a long period implies the economy will get worse in the future

well, a year ago, the fgn bonds 5yr tenors were actually about same as the 1 yr ntb but now it's much lower.
Also, I were to follow that thinking above, I would expect 91day ntb tenors to have higher yields than 366 but again that's hardly the case. So my confusion remains

[quote author=Oluwaiye2016 post=49425183][/quote]
Well, to put it rather too simply, if you got 15 percent fgn bonds over a 10 yr period. That's to say 15 percent of your 10 m will be paid you every year usually in 2 installments yearly. At the end of 10yrs, the 10m will be paid back. Like I said this is very simplistic, the bare skin and bones. Lol. But it's basically it

wuwu2:
well, a year ago, the fgn bonds 5yr tenors were actually about same as the 1 yr ntb but now it's much lower.
Also, I were to follow that thinking above, I would expect 91day ntb tenors to have higher yields than 366 but again that's hardly the case. So my confusion remains

There are a lot of other factors too o.

[quote author=ernie4life post=33316957]investment one financial services limited (formerly gtb asstet management) deal on FG bonds, log on to www.investment-one.com for more info, I work there so am sure.

how ever tbills are bound to perform more than bonds

I just stumbled on this. I want u to explain briefly the difference bw TB and FGN BOND

[quote author=yak post=50023132][/quote]


I will try and do a simple comparison between the two

1. Treasury bills is sold by CBN while any institution that's meets the criteria can sell bonds but for this discussion I will limit my self to FG bonds.

2. Treasury bills are short term( 90 days, 182days and 365 days) while bonds are long term equity( more than a year)

3. Treasury bills are sold every fourth night( two weeks) except on some exceptional case while bonds are sold quarterly( I stand to be corrected) 
‎
4. With treasury bills you could get upfront interest payment or back end interest payment but in bonds it's twice a year till maturity.

5. The rate for treasury bills is determined by the stop rates for the weeks bid while that of bonds is the coupon rate.

6. Minimum amount for treasury bills purchase is 100k while that of bonds is 10k( speaking from the perspective of the firm I work with).

There are more but these are the basics ‎

ernie4life:



I will try and do a simple comparison between the two

1. Treasury bills is sold by CBN while any institution that's meets the criteria can sell bonds but for this discussion I will limit my self to FG bonds.

2. Treasury bills are short term( 90 days, 182days and 365 days) while bonds are long term equity( more than a year)

3. Treasury bills are sold every fourth night( two weeks) except on some exceptional case while bonds are sold quarterly( I stand to be corrected) 
‎
4. With treasury bills you could get upfront interest payment or back end interest payment but in bonds it's twice a year till maturity.

5. The rate for treasury bills is determined by the stop rates for the weeks bid while that of bonds is the coupon rate.

6. Minimum amount for treasury bills purchase is 100k while that of bonds is 10k( speaking from the perspective of the firm I work with).

There are more but these are the basics ‎

thanks bro.so wat particular firm sir?

Wow, I'm happy to have stumbled upon this thread. I've been seeking for better enlightenments into the workings of the FGN Bonds. My questions are as follows:

1. Where are they traded? Is it over the counter (OTC) at the stock market as in theory, or at the DMO as read here?

2. How is the coupon/bond rate determined? Is it the MPR that is used, as I read it somewhere?

3. How do bond rates induce or discourage investment?


Also, I need articles/journals on bond rates and inflation dynamics. Where can I source for them?