Nigerian bond yields seen falling at auction

Nigerian bond yields are likely to fall at auction next week after the debt office slashed the amount of debt it will borrow.
Nigeria plans to sell 60 billion naira ($301.51 million) of 5, 10 and 20-year Treasury bonds next week, short of the usual 70 billion naira worth of bonds sold at the previous auction last month.
"The bond market has been active all week, with yields trending down to 13.60 percent levels as some investors taking position in the market ahead of next week's auction after the debt office slashed amount on offer," one dealer said.
Traders said though some investors were taking profit in the market on Friday, but say this could be short-lived.
Yields on the benchmark maturing in 2024 traded at 13.77 percent on Friday compared with 14.06 percent last Thursday, 2022 traded at 13.70 percent against 14.11 percent, while the 2016 traded at 13.98 percent compared with 14.01 percent.