Yield on Nigerian bond to decline on strong demand

Yields on Nigerian bonds are expected to decline next week as falling Treasury bill returns increase the appeal of longer-dated instruments.
 Nigeria sold 124.69 billion naira in Treasury bills on Wednesday, with yields lower across all tenors
  Traders said bond yields have inched up slightly this week on profit-taking by investors in the wake of the U.S. Federal Reserve postponing the tapering of its stimulus programme.
 "With the decline in yields on Treasury bills at this week's auction, bonds will be attractive to many local fund managers, especially pension funds," a trader at United Bank for Africa said.
 On Friday, the June 2019 bond was trading around 13.44 percent, up more than 40 basis points since the start of the week, the January 2022 paper was 21 basis points higher at 13.22 percent, and the April 2017 paper was yielding 13.19 percent, from 13 percent on Monday.