Nigerian bond to take cue from MPC meeting

Yields on Nigerian local debt are seen rallying next week as some investors book profits following a fall in rates over the past two weeks.
At an auction this week, yields on the three-year and 10-year bonds fell to 12 percent from the 13 percent level at the previous auction last month, driven by large demand from local and offshore investors.
Nigeria sold 70 billion naira ($431.17 million) worth of three-year and 10-year bonds at 11.09 percent and 12.54 percent respectively, from 13.14 percent and 13.10 percent each last month.
"We see yields rising next week amid profit taking by some investors," one trader said. ($1 = 162.3500 Nigerian nairas) (Reporting by Richard Lough and Oludare Mayowa; Editing by Susan Fenton)