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Z

FMDQ Daily Quotations List

29-Nov-13

The FMDQ Daily Quotations List (DQL) comprises market and model prices/rates of foreign exchange ($/N) and fixed income securities and instruments in the OTC market.

Bonds
FGN Bonds
Rating/Agency

Price
Issuer

ISIN
NGF201300288
NGFG8B2014S0
NGF201400328
NGF201400377
NGF201400427
NGFG7B2015S9**
NGFG102016S6**
NGFG9B2017S1**
NGF201700396
NGF201700404
NGF201800477
NGFG9B2019S7**
NGFG6B2019S3
NGFG9B2022S1**
NGF202800500
NGFG6B2029S2
NGFG6B2029B8
NGFG7B2030S8**

Issue
Date

Description

Issue Value
(N'bn)

Coupon (%)

TTM (Yrs)

Yield (%)

Bid

Offer

24-Dec-06
18-Mar-11
31-Mar-07
29-Jun-07
28-Sep-07
23-Apr-10
16-Aug-13
27-Apr-12
27-Jul-07
31-Aug-07
30-May-08
29-Jun-12
23-Oct-09
27-Jan-12
28-Nov-08
22-May-09
20-Nov-09
23-Jul-10

11.99 24-DEC-2013
10.50 18-MAR-2014
10.75 31-MAR-2014
9.20 29-JUN-2014
9.25 28-SEP-2014
4.00 23-APR-2015
13.05 16-AUG-2016
15.10 27-APR-2017
9.85 27-JUL-2017
9.35 31-AUG-2017
10.70 30-MAY-2018
16.00 29-JUN-2019
7.00 23-OCT-2019
16.39 27-JAN-2022
15.00 28-NOV-2028
12.49 22-MAY-2029
8.50 20-NOV-2029
10.00 23-JUL-2030

10.00
320.00
35.00
45.00
100.00
535.00
120.47
455.29
20.00
100.00
302.22
351.30
233.90
593.91
75.00
150.00
200.00
466.57

11.99
10.50
10.75
9.20
9.25
4.00
13.05
15.10
9.85
9.35
10.70
16.00
7.00
16.39
15.00
12.49
8.50
10.00

0.07
0.30
0.34
0.58
0.83
1.40
2.72
3.41
3.66
3.76
4.50
5.58
5.90
8.17
15.00
15.48
15.98
16.66

11.14
11.72
11.81
12.20
12.17
12.92
12.71
12.72
12.71
12.71
12.71
12.70
12.71
12.72
12.89
12.90
12.91
12.93

99.52
99.07
99.09
97.84
97.23
88.75
100.57
106.08
91.49
89.88
92.97
112.58
76.48
117.97
113.55
96.96
70.14
79.81

100.02
99.57
99.59
98.34
97.73
88.90
100.72
106.38
91.79
90.18
93.27
112.88
76.78
118.27
113.85
97.26
70.44
80.11

Description

Issue Value
(N'bn)

Coupon (%)

Avg. Life/TTM
(Yrs)

1,699.43

0.00

0.09

1.50

12.69

98.41

1,001.77

0.00

0.69

1.50

13.69

90.73

88.81

0.00

0.96

1.50

13.66

87.57

2,886.67

0.00

0.92

1.50

13.66

88.05

24.56
6.00
112.22
116.70
66.49

0.00
17.25
0.00
0.00
0.00

1.49
3.34
3.03
3.39
3.60

1.50
1.50
1.50
1.50
1.50

13.98
14.21
14.21
14.21
14.21

81.65
107.50
83.23
74.53
77.51

TOTAL OUTSTANDING VALUE

Rating/Agency

Issuer

4,113.66

ISIN

Issue Date

Risk Premium Valuation


Yield (%)
(%)

Indicative
Price

Agency Bonds

AMCON
NA
FMBN
LCR

TOTAL OUTSTANDING VALUE

NGAMCONS1T13
NGAMCONS1T21
NGAMCONS1T39
NGAMCONS2T12

31-Dec-10
06-Apr-11
06-Apr-11
08-Aug-11

0.00 AMCON 31-DEC-2013 (SR.1 TR.1)


0.00 AMCON 31-DEC-2013 (SR.1 TR.2)
0.00 AMCON 31-DEC-2013 (SR.1 TR.3)
0.00 AMCON 08-AUG-2014 (SR.2 TR.1)

NGAMCONS3T11

15-Nov-11

0.00 AMCON 15-NOV-2014 (SR.3 TR.1)

NGAMCONS4T10
NGAMCONS5T19
NGFMB2015S30
NGFMB2017S20
NGLCR2016S19
NGLCR2017S26
NGLCR2017S34

14-Oct-11
28-Dec-11
24-May-10
03-Apr-12
09-Dec-11
20-Apr-12
06-Jul-12

0.00 AMCON 31-OCT-2014 (SR.4 TR.1)


0.00 AMCON 31-OCT-2014 (SR.5 TR.1)
0.00 FMB 24-MAY-2015
17.25 FMB 03-APR-2017
0.00 LCR 09-DEC-2016
0.00 LCR 20-APR-2017
0.00 LCR 06-JUL-2017

6,002.65

Sub-National Bonds
A+/Agusto; A+/GCR

LAGOS I

NG2013S1LSB6

09-Feb-09

13.00 LAGOS 09-FEB-2014

50.00

13.00

0.19

2.45

13.90

99.72

A/Agusto

KWARA

NGKWB2014S16

05-Aug-09

14.00 KWARA 05-AUG-2014

17.00

14.00

0.68

2.75

14.94

99.35

A-/Agusto; A-/GCR

*NIGER I

NGNRB2014S02

15-Oct-09

14.00 NIGER 15-OCT-2014

6.00

14.00

0.83

2.95

15.12

99.17

A+/Agusto

KADUNA

NGKDB2015S18

31-Aug-10

12.50 KADUNA 31-AUG-2015

8.50

12.50

1.76

2.65

15.31

95.76

A/Agusto

*EBONYI

NGEBB2015S18

30-Sep-10

13.00 EBONYI 30-SEP-2015

16.50

13.00

1.50

2.75

15.24

A-/Agusto

*BENUE

NGBNB2016S08

30-Jun-11

14.00 BENUE 30-JUN-2016

13.00

14.00

2.17

2.95

15.75

96.60

A+/Agusto

*IMO

NGIMB2016S10

30-Jun-09

15.50 IMO 30-JUN-2016

18.50

15.50

2.17

2.65

15.45

100.34

A+/Agusto; A+/GCR

LAGOS II

NG2017S2LSB0

19-Apr-10

10.00 LAGOS 19-APR-2017

57.50

10.00

3.39

2.45

15.16

86.67

A-/Agusto

*BAYELSA

NGBAB2017S02

30-Jun-10

13.75 BAYELSA 30-JUN-2017

50.00

13.75

2.83

2.75

15.48

95.65

A/Agusto

EDO

NGEDB2017S06

31-Dec-10

14.00 EDO 31-DEC-2017

25.00

14.00

4.09

2.75

15.46

95.66

A+/Agusto; A+/GCR

*DELTA

NGDEL2018S11

30-Sep-11

14.00 DELTA 30-SEP-2018

50.00

14.00

3.50

2.45

15.16

96.45

A-/Agusto; A-/GCR

*NIGER II

NGNIG2018S12

04-Oct-11

14.00 NIGER II 04-OCT-2018

9.00

14.00

3.50

2.95

15.66

94.83

A/Agusto; A-/GCR

*EKITI

NGEKI2018S17

09-Dec-11

14.50 EKITI 09-DEC-2018

20.00

14.50

3.83

2.85

15.56

96.81

A-/Agusto; A-/GCR

*ONDO

NGODB2019S10

14-Feb-12

15.50 ONDO 14-FEB-2019

27.00

15.50

4.83

2.95

15.66

99.93

A-/Agusto; A-/GCR

*GOMBE

NGGMB2019S19

02-Oct-12

15.50 GOMBE 02-OCT-2019

20.00

15.50

4.17

2.95

15.66

99.83

A+/Agusto; AA-/GCR
A-/Agusto; A-/GCR

LAGOS III
*OSUN

NGLAB2019S16
NGOSB2019S14

21-Nov-12
12-Dec-12

14.50 LAGOS 21-NOV-2019


14.75 OSUN 12-DEC-2019

80.00
30.00

14.50

5.98

2.18

14.88

98.50

14.75

4.83

2.95

15.66

97.04

TOTAL OUTSTANDING VALUE

96.65

498.00

Corporate Bonds
A+/Agusto; AA/GCR

LAFARGE WAPCO

NGLCWAPBDS15

07-Oct-11

11.50 LAFARGE WAPCO 07-OCT-2014

11.80

11.50

0.86

2.55

14.72

97.46

AA/Agusto

GTBANK

NGGTB2014S17

18-Dec-09

13.50 GUARANTY TRUST 18-DEC-2014

13.17

13.50

1.05

2.45

14.64

98.90

Nil

NGC STERILE LTD

NGNIGGERMAN3

31-Dec-09

17.00 NGC 31-DEC-2014

2.00

17.00

1.09

10.61

22.83

96.27

BBB+/Agusto

*UPDC

NGUPDCBNDS12

17-Aug-10

10.00 UPDC 17-AUG-2015

15.00

10.00

2.83

2.95

15.68

91.91

A/Agusto

*FLOURMILLS

NGFMILLBDS10

09-Dec-10

12.00 FLOURMILLS 09-DEC-2015

37.50

12.00

2.83

2.65

15.38

94.56

BBB-/GCR

*CHELLARAMS I

NGCRAMSBDS18

06-Jan-11

14.00 CHELLARAMS 06-JAN-2016

1.50

14.00

1.83

2.95

15.66

97.30

A+/Agusto; A-/GCR

NAHCO

NGNAHCOBDS13

29-Sep-11

13.00 NAHCO 29-SEP-2016

2.15

13.00

2.83

2.80

15.53

A+/GCR

UBA I

NGUBA2017S17

30-Sep-10

13.00 UBA 30-SEP-2017

20.00

13.00

3.84

2.65

15.36

93.29

BBB-/GCR

*C&I LEASING

NGCIB2017S11

30-Nov-12

18.00 C&I LEASING 30-NOV-2017

0.94

18.00

3.17

2.65

15.36

108.13

BB+/GCR

*DANA GROUP#

NGDANABNDS10

09-Apr-11

MPR+7.00 DANA 09-APR-2018

8.01

16.00

4.50

5.40

18.11

93.89

NGTOWERS1TA3

09-Sep-11

MPR+7.00 TOWER 09-SEP-2018

3.63

18.00

4.17

2.95

15.66

107.73

NGTOWERS1TB1

09-Sep-11

MPR+5.25 TOWER 09-SEP-2018

1.00

16.00

4.17

2.50

15.21

102.67

35.00

14.00

4.81

2.65

15.36

95.44

0.54

17.00

4.83

4.15

16.86

100.55

10.20

4.20

1.50

14.21

87.59

A-/GCR
AA-/GCR

*TOWER FUNDING PLC#

A/GCR

UBA II

NGUBA2018S24

22-Sep-11

14.00 UBA II 22-SEP-2018

BBB-/GCR

*CHELLARAMS II#

NGCRAMSBDS26

17-Feb-12

MPR+5.00 CHELLARAMS II 17-Feb-2019

TOTAL OUTSTANDING VALUE

94.32

152.24

Supranational Bond
AAA/S&P

IFC

TOTAL OUTSTANDING VALUE

NGIFC2018S08

11-Feb-13

10.20 IFC 11-FEB-2018

12.00

12.00

Rating/Agency

Issuer

ISIN

Issue Value
($mm)

Description

Issue Date

Coupon
(%)

Bid Price

FGN Eurobonds

Bid Yield (%)

Offer Price

Offer Yield
(%)

Prices & Yields

BB-/Fitch; B+/S&P
BB-/Fitch;
BB-/S&P

FGN

BB-/Fitch;
BB-/S&P

XSO584435142

28-Jan-11

6.75 JAN 28, 2021

500.00

6.75

108.01

5.38

109.09

5.21

XSO944707651

12-Jul-13

5.13 JUL 12, 2018

500.00

5.13

102.47

4.52

103.33

4.32

XS0944707222

12-Jul-13

6.38 JUL 12, 2023

500.00

6.38

103.29

5.92

104.29

5.79

TOTAL OUTSTANDING VALUE

1,500.00

Corporate Eurobonds
Afren PLC I

USG01283AD52

01-Feb-11

11.50 FEB 01, 2016

450.00

11.50

113.46

4.85

116.37

3.55

GTBank PLC I

XS0628652884

19-May-11

7.50 MAY 19, 2016

500.00

7.50

105.62

5.04

106.16

4.81

GTBank PLC II

XS0992162635

08-Nov-13

6.00 NOV 08, 2018

400.00

6.00

98.45

6.37

99.28

6.17

B+/S&P

Access Bank PLC

XS0807677496

25-Jul-12

7.25 JUL 25, 2017

350.00

7.25

99.55

7.39

100.80

6.99

B/S&P; B/Fitch

Fidelity Bank PLC

XS0928527257

09-May-13

6.88 MAY 09, 2018

300.00

6.88

93.58

8.65

95.34

8.15

B/Fitch

Afren PLC II

USG01283AF01

08-Apr-12

10.25 APR 08, 2019

300.00

10.25

115.44

6.76

116.89

6.46

B/S&P; B-/Fitch

FirstBank PLC

XS0957590689

07-Aug-13

8.25 AUG 07, 2020

300.00

8.25

102.45

7.52

103.92

7.25

B-/S&P; B/Fitch
B+/S&P; B+/Fitch

TOTAL OUTSTANDING VALUE

2,600.00

Treasury Bills
DTM
13
20
34
41
48
55
62
69
76
83
90
97
104
111
118
125
132
139
146
160
174
251
279

FIXINGS
Maturities
12-Dec-13
19-Dec-13
2-Jan-14
9-Jan-14
16-Jan-14
23-Jan-14
30-Jan-14
6-Feb-14
13-Feb-14
20-Feb-14
27-Feb-14
6-Mar-14
13-Mar-14
20-Mar-14
27-Mar-14
3-Apr-14
10-Apr-14
17-Apr-14
24-Apr-14
8-May-14
22-May-14
7-Aug-14
4-Sep-14

Bid
10.53
10.56
10.91
11.26
11.20
11.54
11.59
11.59
11.59
11.71
11.68
11.73
11.79
11.83
11.88
12.00
12.00
11.98
11.99
11.53
11.53
11.60
11.60

Offer
10.28
10.31
10.66
11.01
10.95
11.29
11.34
11.34
11.34
11.46
11.43
11.48
11.54
11.58
11.63
11.75
11.75
11.73
11.74
11.28
11.28
11.35
11.35

Yield (%)
10.56
10.62
11.02
11.40
11.36
11.74
11.82
11.85
11.87
12.02
12.01
12.09
12.19
12.26
12.35
12.50
12.53
12.53
12.58
12.13
12.18
12.58
12.70

Money Market

NIBOR
Tenor
CALL
7 DAYS
30 DAYS
60 DAYS
90 DAYS
180 DAYS
365 DAYS

Rate (%)
10.5417
10.9583
11.3750
11.7083
12.0000
12.2917
12.6250

Tenor

Rate (%)

OBB

10.33

O/N

10.54

REPO
Tenor
Call
1M
3M
6M

Rate (%)
10.44
12.13
12.94
14.31

Foreign Exchange (Spot & Forwards)


Tenor

Bid ($/N)

Offer ($/N)

Spot
7D
14D
1M
2M
3M
6M
1Y

158.35
158.75
159.00
159.78
160.79
161.99
166.03
174.43

158.45
159.00
159.37
160.24
161.85
164.15
169.17
183.49

NITTY
Tenor
1M
2M
3M
6M
9M
12M

Rate (%)
10.7227
11.6553
12.1155
12.2843
12.6989
13.1141

NIFEX
Current Price ($/N)
BID($/N)
158.5000
OFFER ($/N)
158.6000

NOTE:
** :Benchmarks
* :Amortising Bond
:Convertible Bond
AMCON: Asset Management Corporation of Nigeria
FGN: Federal Government of Nigeria
FMBN: Federal Mortgage Bank of Nigeria
IFC: International Finance Corporation
LCRM: Local Contractors Receivables Management
NAHCO: Nigerian Avaition Handling Company
NGC: Nigeria-German Company
UBA: United Bank for Africa
UPDC: UAC Property Development Company
WAPCO:West Africa Portland Cement Company

NA :Not Applicable
# :Floating Rate Bond

*For the amortising bonds, the average life is calculated and not the duration
#

Risk Premium is a combination of credit risk and liquidity risk premiums

FMDQ FGN BOND INDEX


Modified Duration
Buckets

Porfolio Market
Value(Bn)

Total Outstanding
Volume(Bn)

Weighting by
Outstanding Vol

Weighting by Mkt Value

Bucket Weighting

Weighted Mod
Duration
(intra-bucket)

Weighted Mod
Duration
(inter-bucket)

% Exposure
Mod Duration

% Exposure
Mac Duration

Implied
Yield

Implied
Portfolio
Price

INDEX

<2

474.81

535.00

14.60

13.34

14.60

1.28

18.74

4.65

4.65

13.05

91.16

897.68

2<3

704.07

685.76

18.72

19.79

18.72

2.57

48.05

11.92

11.92

12.82

116.01

979.94

3<5

1,636.45

1,551.13

42.34

45.99

42.34

4.04

171.13

42.46

42.44

12.78

121.31

1,101.31

5<10

743.25

891.57

24.34

20.89

24.34

6.79

165.15

40.97

40.99

12.97

90.56

989.82

3,558.58

3,663.46

100.00

100.00

100.00

0.00

403.07

100.00

100.00

12.87

108.43

1,073.06

Market

* The FMDQ FGN Bond Index is indicative until January 2nd, 2014