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Treasury News & Market Update
…in your best interest
A Daily Publication of Zenith Bank Plc
Thursday, November 13, 2014
Money Market Watch
Selected Macroeconomic Indices
Inflation:
Yr/Yr ∆%
:
12months ∆% :
MPR
:
8.1% (Nat. bureau of stat October 2014)
8.0% (Nat. bureau of stat October 2014)
12.00%
CURRENT DAY
13/11/2014
NSE
ASI
MKT
CAP
%
CHANGE
PREVIOUS DAY
Stop Rates on FGN Securities
Nibor Rates
Tenor
Tenor Rates (%)
Rates (%)
OBB:
10.75
T/BILLS: PRIMARY (06/11/14)
91 Days:
9 .7000
182 Days :
10.5000
364 Days:
11.2000
O/N
1M
3M
6M
10.8583
12.1638
13.2782
14.1219
12/11/2014
34,515.47
33,967.48
1.61%
11,431,791,156,909.50
11,250,291,193,087.80
1.61%
T/BILLS: OMO (13/11/14)
182 Days:
10.9600
Commodity Prices
Light Crude (Nov 2014 deliveries): $75.06pb (-2.12)
Brent Crude (Nov 2014 deliveries): $ 78.324pb (-2.06)
Natural gas (Nov 2014 deliveries): $4.08btu (-0.10)
Cocoa
(Dec 2014 deliveries) $2,809.00USD/Ton




FGN Bonds: PRIMARY (12/11/14)
(Primary)
1 Yrs 9 Months
12.0000
9 Yrs 4 Months
12.8000
19 Yrs 8 Months
13.0000
OBB & Overnight rates remained at 10.75% during trading hours, despite the high level of liquidity in the market with very little
demand for funds. Rates could however have trended downwards due to the huge volume of non-remunerable idle funds in the
system. Net OMO maturity of N163.13B was also credited while we had outflows for RDAS provision.
At the OMO auction held today, the CBN offered N50B (182 days), while N81.01B was sold at 10.96%. The auction recorded a
subscription of N114.20B.
Today, there was significant selling pressure in the T-Bills space as yields on most maturities trended upward for a second
consecutive day. Most of the selling pressure was concentrated towards middle-to-long dated maturities in line with rate
expectations. On the average yields gained about 40-80bps as investors sought higher yields on securities.
We expect interbank rates to remain stable due to Bonds funding of N65B tomorrow.
Zenith Bank Indicative FGN Bond Prices/Yield As At November 14, 2014


Mid to long term bonds hurried up to 13.00% from their 12.70%-12.85% closing levels yesterday taking cue from the higher-thanexpected marginal rate on the 20-year bond at the primary auction window.
The 13.00% support level is expected to hold tomorrow as traders look to price in new risks.
Dealing Lines:
234-1-2783271-4
Bloomberg Code: ZENL
Reuters Code:
ZENB
Email: FxTrading@zenithbank.com
FX Market Watch
RDAS : - Market Update
Foreign Exchange Market Rates
12/11/2014
Amount offered: $200.00m
Total Amount Sold: $120.21m
No. of Banks : 19
CLOSING USD/NGN FX RATES
Market Segment
RDAS-FWD AUCTION (12/11/2014)
Tenor: 30days
Demand: $88.39m
Sold: $87.07m
Fwd Pt: 1.6003
Mat. Date: 12/12/14


Tenor: 60 days
Demand: $33.96m
Sold: $32.67m
Fwd Pt: 3.2300
Mat. Date: 12/01/15
Bid
CBN
INTERBANK (CLOSING)
PARALLEL
155.39
172.30
172.00
Offer
156.39
172.40
174.00
Tenor:90 days
Demand: $0.79m
Sold: $0.73m
Fwd Pt: 5.2500
Mat. Date:10/02/15
*Please note that interbank rates are for the standard market
volume of $0.50m.
The naira depreciated by 1.50% to close at 172.30 against the dollar on the bid having touched an all-time low of 173.50 in intraday
trading. The central bank intervened severally in the market however, this was not sufficient to support the Naira.
We still expect demand pressure on the Naira and central bank’s intervention in the market tomorrow
Global Market Watch
Currencies
Money Market Rates (%)
USD rates against major currencies:
Tenor
(%)
Euro - USD:
1.2463
Pounds Sterling – USD:
1.5817
USD - Swiss Francs:
0.9646
USD - South African Rand 11.1825
USD - Yen:
115.35


1M Libor
2M Libor
3M Libor
6M Libor
1Y Libor
Capital Markets
Rates
0.15
0.20
0.23
0.33
0.56
All Share Index:
DOW:
17,664.61
FTSE:
6,635.45
JSE:
50,588.40
NASDAQ:
4,682.07
+0.30%
+0.37%
+0.42%
+0.15%
The dollar weakened versus the euro after New York Federal Reserve President William C. Dudley said raising interest rates too
early poses a bigger risk to the economy than acting too late.
The pound fell to the lowest in more than a year versus the dollar as the U.K.’s property slowdown deepened concern that growth
has cooled, prompting investors to delay bets on when the Bank of England will raise interest.
This publication is strictly for information purposes only. Zenith Bank Plc and its employees make no representation as to the accuracy and completeness of the
information contained in this publication. Therefore we accept no liability for any loss that may arise from the use of such information. For further
enquiries/information on this publication, please contact Egondu Uzo-Ogbonnaya, Fehintolu Afelumo, Chinyere Emuchay at the Treasury Group on 234-1-2783033,
2782320 and 2782327; Eunice Sampson, Olurotimi Arowobusoye at the Research and Economic Intelligence Group on 234-1-2781049 and 2781051.