Document 6597092

Treasury News & Market Update
…in your best interest
A Daily Publication of Zenith Bank Plc
Wednesday, November 12, 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
12/11/2014
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
11.1700
12.1799
13.3331
14.1771
11/11/2014
33,967.48
33,670.75
0.88%
11,250,291,193,087.80
11,152,013,014,177.80
0.88%
T/BILLS: OMO (10/11/14)
171 Days:
10.9700
Commodity Prices
Light Crude (Nov 2014 deliveries): $77.67pb (-0.27)
Brent Crude (Nov 2014 deliveries): $ 81.14pb (-0.53)
Natural gas (Nov 2014 deliveries): $4.18btu (-0.06)
Cocoa
(Dec 2014 deliveries) $2,911.00USD/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
Both OBB & Overnight rates remained high today at 10.75% as the market continued to fund NNPC remittance.
There was a bit of selling pressure across most maturities as yields inched up 15-30bpts. The sell-off was mostly in the mid-tenured
maturities as investors re-priced these bills to reflect rate expectations in the near term.
Despite RDAS provision tomorrow, we anticipate a drop in interbank rates due to OMO maturities of N244.14B, although the CBN is
expected to offer OMO auction.
Zenith Bank Indicative FGN Bond Prices/Yield As At November 13, 2014

The bond market traded calmly on Wednesday as focus shifted to the primary auction window where the yet to be released marginal
yields are expected to close marginally higher compared with market closing levels.
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
169.80
172.00
Offer
156.39
169.90
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 0.89% to close at 169.80 against the dollar on the bid. The central bank intervened in the market however
the volume sold was not sufficient to effectively support the Naira. Traders abided by the 10k spread for funds purchased from the
intervention which resulted in some sporadic rates below market. However; due to the limited volume, traders continued to buy far
above the bidded rates at the intervention window.
The Naira depreciated by 0.35% at RDAS to 156.39 against the dollar and 60.11% of the amount on offer was sold.
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:
17,598.75
FTSE:
6,602.49
JSE:
50,374.85
NASDAQ:
4,657.77
-0.09%
-0.38%
+0.29%
-0.06%
The yen advanced for the first time in three days versus the dollar as Japanese officials downplayed speculation that an early
election would delay a sales-tax increase.
The pound weakened as Bank of England policy makers led by Governor Mark Carney lowered their forecast for growth to 2.9
percent in 2015 and 2.6 percent in 2016 in their quarterly Inflation Report today in London. That’s down from 3.1 percent and 2.8
percent in August.
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.