Research

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Mutual Funds Anchoria

25/11/2021


AFIF

BID / Offer

1.14 / 1.14


AEF

BID / Offer

139.63 / 141.39


AMMF

BID / Offer

100 / 100 (8.72% Yield)

Our research team tracks economic and market data for performance of all major asset classes in Nigeria and globally to help spot trends and develop new opportunities for our clients. We use these insights to give our clients an edge in creating investment strategies and portfolios that provide enduring wealth.

All Reports

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20/08/2021

Anchoria Asset Management Weekly Digest

Money Market


The open buy back (OBB) rate—the collateralized, openended interbank borrowing and lending rate—and the overnight rate—the rate at which banks borrow and lend overnight—rose further last week by 39.28% and 38.14% to settle at 23.33% and 23.83% from 16.75% and 17.25% in the previous week, respectively.

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08/08/2021

Anchoria Asset Management Weekly Digest

Money Market
The open buy back (OBB) rate - the collateralized, open-ended interbank borrowing and lending rate - and the overnight rate - the rate at which banks borrow and lend overnight - rose significantly last week by 166.67% and 164.52% to settle at 20% and 20.5% from 7.50% and 7.75% in the previous week, respectively..

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01/08/2021

Anchoria Asset Management Weekly Digest

Money Market


The open buy back (OBB) rate - the collateralized, openended interbank borrowing and lending rate - and the overnight rate - the rate at which banks borrow and lend overnight - fell significantly last week by 72.73% and 73.04% to settle at 7.50% and 7.75% from 27.50% and 28.75% in the previous week, respectively.

This was due to the high level of liquidity in the market, caused by CRR refunds and T-bills maturities

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26/07/2021

Anchoria Asset Management Weekly Digest

Money Market

The open buy back (OBB) rate—the collateralized, open- ended interbank borrowing and lending rate—and the overnight rate—the rate at which banks borrow and lend overnight—rose significantly last week by 511.11% and 505.26% to settle at 27.50% and 28.75% from 4.50% and 4.75% in the previous week, respectively. This was due to the low level of liquidity in the market, which was expected and predicted last week. This resulted from the bond auction which took place last week Monday where a total amount of N286.11 billion worth of bond was subscribed. The CBN market liquidity figure was updated, showing market was N62 billion long, which was far from what was expected.

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16/07/2021

Fixed Income Market report for the Week Ended July 16, 2021

Money Market
The average money market rate fell significantly last week by 77.02% to settle at 4.63% from 20.13% in the previous week. This is due to the high level of liquidity in the market which was expected and predicted last week. This resulted from the face value redemption of FGN bond NIGB 14.5 07/15/2021, and other coupon payments.
We anticipate rates would rise this week as we expect the CBN would intervene to mop up this excess liquidity via the expected bond auction on Monday and CRR debits.

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09/07/2021

AAM Weekly Report for the Week ended July 9, 2021

Money Market

The average money market rate rose significantly last week by 91.67% to settle at 20.50% from 10.50% in the previous week. This is due to the restricted liquidity level in the market because of the CBN FX retail auction that took place last week.

We anticipate rates would drop this coming week as there is anticipated liquidity of 600 billion Naira in the market which is linked to the face value redemption and coupon payment for the bond NIG B14.5 07/15/2021.

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12/03/2021

Fixed Income Market Monitor For the Week Ended March 12, 2021

Money Market
The overnight (OVN) rate dipped by 216bps week-on-week to settle at 14.17%. It remained high due to the shrinking level of inflows from OMO maturities (N60.00 billion) especially with significant funding pressures on the system for CBN’s weekly FX and OMO (N60.00 billion) auctions and net issuance (N19.86 billion). We expect the system liquidity to remain buoyant this week, with
OMO maturities of N260.21 billion expected to hit the system.

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12/02/2021

Fixed Income Market report for the Week Ended February 12, 2021

The overnight (OVN) rate dipped by 14.17bps week-on-week, to 6.33%. This is due to the boost in system liquidity following inflows from OMO maturities (N423.79 billion), FAAC disbursements (N335.35 billion), and FGN Bond coupon payments (N49.75 billion).

The inflows outweighed debits from CBN’s weekly FX and OMO auctions (N325.46 billion) as well as T-bills auction worth N19.04 billion.

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05/02/2021

Fixed Income Market report for the Week Ended February 5, 2021

Money Market
The overnight (OVN) rate rose by 700bps week-on-week, to 18.00% due to funding pressures from CRR debits (N224.52 billion) and the CBN’s weekly OMO (N71.66 billion) and FX auctions, amidst inflows from OMO maturities (N112.27 billion) and FX retail refunds.

We expect liquidity to remain tight as expected inflows from OMO maturities worth N213.87 billion may not be sufficient to offset the outflows from the system.

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07/08/2020

Fixed Income Market report for the Week Ended August 7, 2020

Money Market
The average money market rate rose significantly by 5.00% to settle at 6.75% from 1.75% in the previous week. This is attributable to the absence of inflow and CRR debit by the CBN witnessed during the week.

For the Interbank rate, Open Buy Back (OBB) closed at 6.33% compared to 1.40% in the previous week while Overnight rate (OVN) closed at 7.17% compared to 2.10% the previous week.

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03/07/2020

Fixed Income Market report for the Week Ended July 3, 2020

Money Market
The average money market rate retained double digits for the most part of the week due to constraints in system liquidity occasioned by outflows from OMO Auctions of N100 billion, CRR debits of N118 billion, and Retail FX refund.

The average money market rate rose by 6.85% on a week-on-week basis to settle at 22.50% from 15.65% in the previous week. Open Buy Back (OBB) closed at 21.50% compared to 15.20% while the Overnight rate (OVN) closed at 23.50% compared to 16.10% the previous week.

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26/06/2020

Fixed Income Market report for the Week Ended June 26, 2020

Money Market
Despite an absence of inflow into the system during the week, the average money market rate fell marginally by 0.27% to settle at 15.65% from 15.92% in the previous week.

The system was relatively illiquid forcing banks to access funding at the CBN SLF window. The OBB rose by 3bps to close at 15.20% while the Overnight Rate fell 57bps to close at 16.10%.

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05/06/2020

Fixed Income Market report for the Week Ended June 5, 2020

Money Market
The average money market rate rose significantly last week by 13.55% to settle at 16.15% from 2.60% in the previous week. This is attributable to the outflow from OMO auction worth N70.00 billion and CRR debits of N459.72 billion by the Central bank.

Other outflows for the week included weekly FX wholesale SMIS of $210mn while inflows came from OMO maturities worth N149.68 billion.

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29/05/2020

Fixed Income Market report for the Week Ended May 29, 2020

Money Market
The average money market rate fell significantly last week by 12.72% to settle at 2.60% from 15.32% in the previous week. This is attributable to the inflow from FGN Bond coupon payments worth N5.63 billion and OMO maturities worth N319.72 billion.

Other outflows for the week included: FX wholesale SMIS of $210mn. Also, at the Monetary Policy Committee (MPC) meeting last week, the Central Bank of Nigeria surprisingly reduced the Monetary Policy Rate (MPR) from 13.50% to 12.50% while other parameters such as the Cash Reserve Ratio (CRR) remained at 27.50% and Liquidity Ratio at 30.00%. As part of the CBN’s monetary and fiscal policy measures to curb the effect of the pandemic on the economy, the bank reduced the interest rates on the CBN intervention facilities from 9% to 5% per annum from 1-year effective March 1, 2020.

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22/05/2020

Fixed Income Market report for the Week Ended May 22, 2020

Money Market
The average money market rate rose significantly last week by 12.23% to settle at 15.32% from 3.09% in the previous week. This is attributable to the outflow from the FGN Bond auction worth N295.37 billion and CRR debits from banks by the Central bank.

Other outflows for the week included: FX wholesale SMIS of $210mn and Biweekly retail FX sale while inflows were FAAC allocation of c. N300.00 billion, OMO Maturities of N296.2 billion, and FGN Coupon payments of N17.87 billion.

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15/05/2020

Fixed Income Market report for the Week Ended May 15, 2020

Money Market
The average money market rate fell significantly last week by 4.79% to settle at 3.09% from 7.88% in the previous week. This is attributable to the inflow from OMO maturities of N209.05 billion and NTB Maturity of N38.00 billion during the week.


Notable outflows for the week included weekly FX wholesale SMIS of $210mn and NTB auction of N142.76bn. The CBN declared OMO auction held during the week No Sale.

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01/05/2020

Fixed Income Market report for the Week Ended May 1, 2020

Money Market
The average money market rate fell significantly last week by 18.21% to settle at 2.50% from 20.71% in the previous week. The buoyancy in the system liquidity is attributable to inflows from OMO maturities - N30.66 billion, FGN Bond coupon payments of N149.14 billion, and CRR refunds (part of previously debit CRR of N1.5 trillion).


Notable outflow during the week included: OMO sales of N100 billion.

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24/04/2020

Fixed Income Market report for the Week Ended April 24, 2020

Money Market
The average money market rate rose significantly last week by 18.58% to settle at 20.71% from 2.13% in the previous week. The constraint in the system liquidity is attributable to the sudden CRR debits by the CBN and FGN Bond auction sum of N156.06 billion which occurred during the week.

The notable inflow during the week included OMO maturities worth N267.67 billion and FGN Bond coupon payments of N32.67 billion while notable outflows include: OMO auction - N112.65 billion and FGN Bond auctions - N156.06 billion.

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17/04/2020

Fixed Income Market report for the Week Ended April 17, 2020

Money Market
The average money market rate fell significantly last week by 13.79% to settle at 2.13% from 15.92% in the previous week due to buoyancy in the system liquidity.

The notable inflow during the week included OMO maturities of N135.86 billion and T-bill maturities of N58.49 billion while notable outflows include: OMO sales of N134 billion and T-bills sales of N58.49 billion.

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03/04/2020

Fixed Income Market report for the Week Ended April 3, 2020

Money Market
The average money market rate fell significantly last week by 14.05% to settle at 2.40% from 16.45% in the previous week. The system liquidity experienced buoyancy due to the inflows from CRR refunds worth c.N310 billion to banks and OMO maturities – N288.54 billion.

Outflows include OMO auction – N4.00 billion and weekly wholesale retail FX intervention - $210mn.

The Open Buy Back (OBB) and Overnight rates (O/N) fell to 2.20%
and 2.60% from 15.80% and 17.10% respectively.

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20/03/2020

Fixed Income Market report for the Week Ended March 20, 2021

Money Market
The average money market rate fell significantly last week by 4.58%
 settle at 5.05% from 9.63% in the previous week. This is attributable to inflows from OMO maturities and FGN bond coupon payments of N304.75 billion and N90.97 billion respectively during the week while the only notable Outflow for the week is the Weekly wholesale FX retail intervention fund of $210m.

The Open Buy Back (OBB) and Overnight rates (O/N) fell to 4.80% and 5.30% from 9.17% and 10.08% respectively.

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13/03/2020

Fixed Income Market report for the Week Ended March 13, 2020

Money Market

The average money market rate fell marginally last week by 2.66% to settle at 9.63% from 12.29% in the previous week. This is attributable to the OMO maturity of N232.26 billion which boosted the system liquidity and absence of OMO auction last week. Other notable Inflows includes –FX retail refund of c.N200 billion,

Outflows include– weekly wholesale, invisible & SME FX auction of $210m, and Treasury bills auction of N86.30 billion.

The Open Buy Back (OBB) and Overnight rates (O/N) fell to 9.17% and 10.08% from 11.71% and 12.86% respectively.

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21/02/2020

Fixed Income Market report for the Week Ended February 21, 2020

Money Market
The average money market rate rose marginally last week by 0.54% to settle at 3.42% from 2.88% in the previous week. This is attributable to the outflows from FGN Bond worth N100.00 billion during the week.

Notable Inflows include OMO maturities – N927.75 billion, while Outflows include – weekly wholesale, invisible & SME FX auction of $210m and Bond auction of N100.00 billion.

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10/01/2020

Fixed Income Market Report For the Week Ended January 10, 2020

Money Market
The average money market rate rose significantly last week by7.50% to settle at 10.21% from 2.72% in the previous week due to constraint system liquidity seen on Thursday following the OMO auction which took out cN410bn from the system liquidity. The system liquidity remains relatively buoyant with cN469.8bn inflow from OMO maturities.


Other notable outflows include Weekly wholesale, Invisible & SME of $210m on Monday.

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