FMDQ Daily Quotations List

19-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 OT C market.

Bonds
FGN Bonds
Rating/Agency

NA

Price
Issuer

FGN

ISIN
NGF201300270
NGF201300494
NGF201300288
NGFG8B2014S0
NGF201400328
NGF201400377
NGF201400427
NGFG7B2015S9**
NGFG102016S6**
NGFG9B2017S**
NGF201700396
NGF201700404
NGF201800477
NGFG9B2019S7**
NGFG6B2019S3
NGFG9B2022S1**
NGF202800500
NGFG6B2029S2
NGFG6B2029B8
NGFG7B2030S8**

Issue
Date
24-Nov-06
28-Nov-08
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

Description

Issue Value
(N'bn)

Coupon (%)

TTM (Yrs)

Yield (%)

Bid

Offer

10.98 24-NOV-2013
10.50 28-NOV-2013
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
200.00
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

10.98
10.50
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

0.01
0.03
0.10
0.33
0.37
0.61
0.86
1.42
2.74
3.44
3.69
3.78
4.53
5.61
5.93
8.19
15.03
15.51
16.00
16.68

11.06
11.09
11.29
11.94
12.04
12.47
12.60
12.86
12.61
12.42
12.52
12.51
12.49
12.48
12.50
12.57
12.84
12.86
12.88
12.91

99.49
99.47
99.51
98.98
98.99
97.61
96.83
88.63
100.78
106.98
91.97
90.36
93.65
113.54
77.15
118.86
113.93
97.25
70.32
79.95

99.99
99.97
100.01
99.48
99.49
98.11
97.33
88.78
100.93
107.28
92.27
90.66
93.95
113.84
77.45
119.16
114.23
97.55
70.62
80.25

Issue Value
(N'bn)

Coupon (%)

Avg. Life/TTM
(Yrs)

#
Risk
Premium
(%)

Valuation
Yield (%)

Indicative
Price

1,699.43

0.00

0.12

1.50

12.84

98.06

1,001.77
88.81

0.00
0.00

0.72
0.99

1.50
1.50

14.03
14.16

90.20
86.84

2,886.67

0.00

0.95

1.50

14.14

87.35

24.56
6.00
112.22
116.70
66.49

0.00
17.25
0.00
0.00
0.00

1.51
3.37
3.06
3.42
3.63

1.50
1.50
1.50
1.50
1.50

14.21
14.03
14.04
14.03
14.02

81.09
108.07
83.36
74.76
77.71

TOTAL OUTSTANDING VALUE

Rating/Agency

Issuer

4,323.66

ISIN

Issue Date

Description

Agency Bonds

AMCON
NA
FMBN
LCR

TOTAL OUTSTANDING VALUE

NGAMCONS1T13
NGAMCONS1T21
NGAMCONS1T39
NGAMCONS2T12
NGAMCONS3T11
NGAMCONS4T10
NGAMCONS5T19
NGFMB2015S30
NGFMB2017S20
NGLCR2016S19
NGLCR2017S26
NGLCR2017S34

31-Dec-10
06-Apr-11
06-Apr-11
08-Aug-11
15-Nov-11
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-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)
0.00 AMCON 15-NOV-2014 (SR.3 TR.1)
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

Rating/Agency

Issuer

ISIN

Issue Date

Description

Issue Value
(N'bn)

Coupon (%)

Avg. Life/TTM
(Yrs)

#
Risk
Premium
(%)

Valuation
Yield (%)

Indicative
Price

50.00
17.00
6.00
8.50
16.50
13.00
18.50
57.50
50.00
25.00
50.00
9.00
20.00
27.00
20.00
80.00
30.00

13.00
14.00
14.00
12.50
13.00
14.00
15.50
10.00
13.75
14.00
14.00
14.00
14.50
15.50
15.50
14.50
14.75

0.22
0.71
0.83
1.78
1.50
2.17
2.17
3.42
2.83
4.12
3.50
3.50
3.83
4.83
4.17
6.01
4.83

2.45
2.75
2.95
2.65
2.75
2.95
2.65
2.45
2.75
2.75
2.45
2.95
2.85
2.95
2.95
2.18
2.95

14.09
15.27
15.53
15.38
15.46
15.67
15.37
14.98
15.33
15.25
14.97
15.47
15.36
15.42
15.45
14.67
15.42

99.65
99.11
98.82
95.60
96.27
96.74
100.51
87.04
96.01
96.23
97.05
95.42
97.45
100.75
100.63
99.32
97.90

11.50
13.50
17.00
10.00
12.00
14.00
13.00
13.00
18.00
16.00
18.00
16.00
14.00
17.00

0.88
1.08
1.12
2.83
2.83
1.83
2.86
3.86
3.17
4.50
4.17
4.17
4.84
4.83

2.55
2.45
10.61
2.95
2.65
2.95
2.80
2.65
2.65
5.40
2.95
2.50
2.65
4.15

15.16
15.13
23.29
15.53
15.23
15.69
15.37
15.16
15.19
17.89
15.45
15.00
15.12
16.62

97.04
98.40
95.51
92.01
94.74
97.21
94.62
93.81
108.69
94.50
108.50
103.40
96.19
101.35

10.20

4.23

1.50

14.00

88.14

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

LAGOS I
KWARA
*NIGER I
KADUNA
*EBONYI
*BENUE
*IMO
LAGOS II
*BAYELSA
EDO
*DELTA
*NIGER II
*EKITI
*ONDO
*GOMBE
LAGOS III
*OSUN

NG2013S1LSB6
NGKWB2014S16
NGNRB2014S02
NGKDB2015S18
NGEBB2015S18
NGBNB2016S08
NGIMB2016S10
NG2017S2LSB0
NGBAB2017S02
NGEDB2017S06
NGDEL2018S11
NGNIG2018S12
NGEKI2018S17
NGODB2019S10
NGGMB2019S19
NGLAB2019S16
NGOSB2019S14

09-Feb-09
05-Aug-09
15-Oct-09
31-Aug-10
30-Sep-10
30-Jun-11
30-Jun-09
19-Apr-10
30-Jun-10
31-Dec-10
30-Sep-11
04-Oct-11
09-Dec-11
14-Feb-12
02-Oct-12
21-Nov-12
12-Dec-12

13.00 LAGOS 09-FEB-2014

14.00 KWARA 05-AUG-2014
14.00 NIGER 15-OCT-2014
12.50 KADUNA 31-AUG-2015
13.00 EBONYI 30-SEP-2015
14.00 BENUE 30-JUN-2016
15.50 IMO 30-JUN-2016
10.00 LAGOS 19-APR-2017
13.75 BAYELSA 30-JUN-2017
14.00 EDO 31-DEC-2017
14.00 DELTA 30-SEP-2018
14.00 NIGER II 04-OCT-2018
14.50 EKITI 09-DEC-2018
15.50 ONDO 14-FEB-2019
15.50 GOMBE 02-OCT-2019
14.50 LAGOS 21-NOV-2019
14.75 OSUN 12-DEC-2019

TOTAL OUTSTANDING VALUE

498.00

Corporate Bonds
A+/Agusto; AA/GCR
AA/Agusto
Nil
BBB+/Agusto
A/Agusto
BBB-/GCR
A+/Agusto; A-/GCR
A+/GCR
BBB-/GCR
BB+/GCR
A-/GCR
AA-/GCR
A/GCR
BBB-/GCR

LAFARGE WAPCO
GTBANK

NGC STERILE LTD

*UPDC
*FLOURMILLS
*CHELLARAMS I
NAHCO
UBA I
*C&I LEASING
*DANA GROUP#
*TOWER FUNDING PLC#
UBA II
*CHELLARAMS II#

NGLCWAPBDS15
NGGTB2014S17
NGNIGGERMAN3
NGUPDCBNDS12
NGFMILLBDS10
NGCRAMSBDS18
NGNAHCOBDS13
NGUBA2017S17
NGCIB2017S11
NGDANABNDS10
NGTOWERS1TA3
NGTOWERS1TB1
NGUBA2018S24
NGCRAMSBDS26

07-Oct-11
18-Dec-09
31-Dec-09
17-Aug-10
09-Dec-10
06-Jan-11
29-Sep-11
30-Sep-10
30-Nov-12
09-Apr-11
09-Sep-11
09-Sep-11
22-Sep-11
17-Feb-12

11.50 LAFARGE WAPCO 07-OCT-2014

13.50 GUARANTY TRUST 18-DEC-2014
17.00 NGC 31-DEC-2014
10.00 UPDC 17-AUG-2015
12.00 FLOURMILLS 09-DEC-2015
14.00 CHELLARAMS 06-JAN-2016
13.00 NAHCO 29-SEP-2016
13.00 UBA 30-SEP-2017
18.00 C&I LEASING 30-NOV-2017
MPR+7.00 DANA 09-APR-2018
MPR+7.00 TOWER 09-SEP-2018
MPR+5.25 TOWER 09-SEP-2018
14.00 UBA II 22-SEP-2018
MPR+5.00 CHELLARAMS II 17-Feb-2019

TOTAL OUTSTANDING VALUE

11.80
13.17
2.00
15.00
37.50
1.50
2.15
20.00
0.94
8.01
3.63
1.00
35.00
0.54

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 Date

Description

Issue Value
($mm)

Coupon
(%)

Bid Price

XSO584435142

28-Jan-11

6.75 JAN 28, 2021

500.00

6.75

107.88

5.41

108.94

5.24

XSO944707651

02-Jul-18

5.13 JUL 12, 2018

500.00

5.13

102.31

4.56

103.38

4.31

XS0944707222

02-Jul-23

6.38 JUL 12, 2023

500.00

6.38

103.36

5.91

104.36

5.78

FGN Eurobonds

Bid Yield (%)

Offer Price

Offer Yield
(%)

Prices & Yields

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

FGN

TOTAL OUTSTANDING VALUE

1,500.00

Corporate Eurobonds
USG01283AD52

01-Feb-11

11.50 FEB 01, 2016

450.00

11.50

116.00

3.81

117.50

3.17

GTBank PLC I

XS0628652884

19-May-11

7.50 MAY 19, 2016

500.00

7.50

104.75

5.44

106.12

4.86

GTBank PLC II

XS0992162635

08-Nov-13

6.00 NOV 08, 2018

400.00

6.00

98.13

6.45

99.23

6.18

B+/S&P

Access Bank PLC

XS0807677496

25-Jul-12

7.25 JUL 25, 2017

350.00

7.25

99.63

7.36

101.38

6.82

B/S&P; B/Fitch

Fidelity Bank PLC

XS0928527257

09-May-13

6.88 MAY 09, 2018

300.00

6.88

93.56

8.64

96.50

7.82

B/Fitch

Afren PLC II

USG01283AF01

10.25 APR 08, 2019

300.00

10.25

115.88

6.68

117.17

6.42

B/S&P; B-/Fitch

FirstBank PLC

XS0957590689

08-Apr-12
07-Aug-13

8.25 AUG 07, 2020

300.00

8.25

102.14

7.59

103.63

7.31

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

Afren PLC I

TOTAL OUTSTANDING VALUE

2,600.00

Treasury Bills
DTM
9
16
23
30
44
51
58
65
72
79
86
93
100
107
114
121
128
135
142
149
156
170
184
261
289

FIXINGS
Maturities
28-Nov-13
5-Dec-13
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
10.99
10.83
10.88
10.73
11.22
11.31
11.40
11.36
11.38
11.10
11.32
11.11
11.73
11.51
11.87
11.79
11.68
11.93
11.91
11.83
11.62
11.70
11.70
11.63
11.63

Offer
10.74
10.58
10.63
10.48
10.97
11.06
11.15
11.11
11.13
10.85
11.07
10.86
11.48
11.26
11.62
11.54
11.43
11.68
11.66
11.58
11.37
11.45
11.45
11.38
11.38

Yield (%)
11.02
10.88
10.95
10.82
11.37
11.49
11.61
11.59
11.64
11.37
11.62
11.42
12.11
11.90
12.31
12.26
12.16
12.47
12.47
12.41
12.21
12.36
12.42
12.65
12.78

Money Market

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

Rate (%)
10.5833
11.0000
11.2500
11.5000
11.7917
12.0417
12.2917

Tenor

Rate (%)

OBB

10.25

O/N
Tenor
Call
1M
3M
6M

10.42

REPO

Rate (%)
10.88
11.75
12.50
13.25

Foreign Exchange (Spot & Forwards)

Tenor

Bid ($/N)

Offer ($/N)

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

158.95
159.36
159.65
160.33
161.65
163.56
167.16
177.63

159.05
159.44
159.76
160.51
161.96
163.67
168.00
177.74

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

Rate (%)
10.9808
11.3736
11.4845
12.4078
12.7095
13.2798

NIFEX
Current Price ($/N)
BID($/N)
159.0625
OFFER ($/N)
159.1625

NOTE:
** :Benchmarks
NA :Not Applicable
* :Amortising Bond
# :Floating Rate 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

*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

Weighted Mod
Weighting by
Weighting by Mkt Value Bucket Weighting Duration (intraOutstanding Vol
bucket)

Modified Duration
Buckets

Porfolio Market Value(Bn)

Total Outstanding
Volume(Bn)

<2
2<3
3<5
5<10

474.17
699.96
1,647.97
740.45

535.00
677.76
1,551.13
891.57

14.64
18.54
42.43
24.39

13.31
19.65
46.26
20.78

14.64
18.54
42.43
24.39

Market

3,562.56

3,655.46

100.00

100.00

100.00

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

Weighted Mod
Duration (interbucket)

% Exposure
Mod Duration

% Exposure
Mac Duration

Implied
Yield

Implied
Portfolio
Price

INDEX

1.31
2.60
4.08
6.60

19.17
48.24
173.05
160.92

4.77
12.02
43.11
40.09

4.78
12.01
43.08
40.13

12.98
12.61
12.61
13.02

90.93
116.35
121.67
89.96

895.41
982.80
1,104.65
983.25

0.00

401.37

100.00

100.00

12.79

108.45

1,073.28