CONFIDENTIAL - MSG

FMDQ Daily Quotations List 1-Jul-21

The DQL contains data relating to, amongst other things, market and model prices, rates of foreign exchange products, fixed income securities and instruments in the FMDQ market (the “Information”). The Information does not constitute professional, financial or investment advice. We attempt to ensure the Information is accurate; however, the Information is provided “AS IS” and on an “AS AVAILABLE” basis and may not be accurate or up to date. We do not
guarantee the accuracy, timeliness, completeness, performance or fitness for a particular purpose of any of the Information, neither do we accept liability for the results of any action taken on the basis of the Information.

FGN Bond

Outstanding Value
Rating/Agency Issuer Description Issue Date Coupon (%) Maturity Date TTM (Yrs) Yield (%) Closing Price
(₦’bn)

14.50 15-JUL-2021 15-Jul-16 14.50 561.05 15-Jul-21 0.04 3.82 100.40

16.39 27-JAN-2022 27-Jan-12 16.39 605.31 27-Jan-22 0.58 7.01 105.15
^12.75 27-APR-2023 27-Apr-18 12.750 735.96 27-Apr-23 1.82 11.48 101.99
^14.20 14-MAR-2024 14-Mar-14 14.20 719.99 14-Mar-24 2.70 11.22 106.73
13.53 23-MAR-2025 23-Mar-18 13.53 267.80 23-Mar-25 3.73 11.98 104.50
^12.50 22-JAN-2026 22-Jan-16 12.50 739.65 22-Jan-26 4.56 12.60 99.64
^16.2884 17-MAR-2027 17-Mar-17 16.2884 948.84 17-Mar-27 5.71 12.21 116.39
^13.98 23-FEB-2028 23-Feb-18 13.98 713.69 23-Feb-28 6.65 12.22 107.81
15.00 28-NOV-2028 28-Nov-08 15.00 75.00 28-Nov-28 7.41 12.23 113.20
^14.55 26-APR-2029 26-Apr-19 14.55 667.39 26-Apr-29 7.82 12.24 111.37
12.49 22-MAY-2029 22-May-09 12.49 150.00 22-May-29 7.89 12.24 101.21
8.50 20-NOV-2029 20-Nov-09 8.50 200.00 20-Nov-29 8.39 12.25 80.66
^10.00 23-JUL-2030 23-Jul-10 10.00 591.57 23-Jul-30 9.06 12.26 87.82
^12.1493 18-JUL-2034 18-Jul-14 12.15 1075.92 18-Jul-34 13.05 12.33 98.86
^12.50 27-MAR-2035 27-Mar-20 12.50 972.03 27-Mar-35 13.74 12.80 98.03
^12.40 18-MAR-2036 18-Mar-16 12.40 668.10 18-Mar-36 14.71 12.77 97.50
^16.2499 18-APR-2037 18-Apr-17 16.2499 402.04 18-Apr-37 15.80 12.90 122.31
^9.80 24-JUL-2045 24-Jul-20 9.80 437.46 24-Jul-45 24.06 13.00 76.55
^14.80 26-APR-2049 26-Apr-19 14.8000 990.36 26-Apr-49 27.82 13.02 113.24
^12.98 27-MAR-2050 27-Mar-20 12.98 555.53 27-Mar-50 28.74 13.02 99.65
TOTAL OUTSTANDING VALUE 12,077.69

TOTAL MARKET CAPITALISATION 12,439.88

FGN Savings Bond

11.195 FGNSB 10-JUL-2021 PT
10-Jul-19 11.195 0.08 10-Jul-21 0.02 3.74 100.18
11.483 FGNSB 11-JUL-2021 PT
11-Jul-18 11.483 0.26 11-Jul-21 0.03 3.76 100.21
11.668 FGNSB 15-AUG-2021 PT
15-Aug-18 11.668 0.18 15-Aug-21 0.12 4.31 100.89
10.301 FGNSB 16-AUG-2021 PT
16-Aug-19 10.301 0.08 16-Aug-21 0.13 4.33 100.74
11.150 FGNSB 11-SEP-2021 PT
11-Sep-19 11.150 0.09 11-Sep-21 0.20 4.73 101.24
12.364 FGNSB 12-SEP-2021 PT
12-Sep-18 12.364 0.55 12-Sep-21 0.20 4.75 101.49
12.175 FGNSB 10-OCT-2021 PT
10-Oct-18 12.175 0.21 10-Oct-21 0.28 5.21 101.89
11.244 FGNSB 16-OCT-2021 PT
16-Oct-19 11.244 0.15 16-Oct-21 0.29 5.31 101.70
10.296 FGNSB 13-NOV-2021 PT
13-Nov-19 10.296 0.19 13-Nov-21 0.37 5.75 101.63
13.390 FGNSB 14-NOV-2021 PT
14-Nov-18 13.390 0.34 14-Nov-21 0.37 5.77 102.76
9.091 FGNSB 11-DEC-2021 PT
11-Dec-19 9.091 0.22 11-Dec-21 0.45 6.22 101.25
13.402 FGNSB 12-DEC-2021 PT
12-Dec-18 13.402 0.30 12-Dec-21 0.45 6.23 103.14
7.144 FGNSB 15-JAN-2022 PT
15-Jan-20 7.144 0.45 15-Jan-22 0.54 6.80 100.18
13.125 FGNSB 16-JAN-2022 PT
16-Jan-19 13.125 0.41 16-Jan-22 0.55 6.82 103.32
5.910 FGNSB 12-FEB-2022 PT
12-Feb-20 5.910 0.30 12-Feb-22 0.62 7.28 99.18
13.050 FGNSB 13-FEB-2022 PT
13-Feb-19 13.050 0.22 13-Feb-22 0.62 7.30 103.43
4.131 FGNSB 11-MAR-2022 PT
11-Mar-20 4.131 0.08 11-Mar-22 0.69 7.80 97.54
12.620 FGNSB 13-MAR-2022 PT
13-Mar-19 12.620 0.18 13-Mar-22 0.70 7.83 103.23
12.276 FGNSB 10-APR-2022 PT
10-Apr-19 12.276 0.63 10-Apr-22 0.78 8.31 102.94
12.745 FGNSB 15-MAY-2022 PT
15-May-19 12.745 0.41 15-May-22 0.87 8.94 103.15
12.418 FGNSB 19-JUN-2022 PT
19-Jun-19 12.418 0.33 19-Jun-22 0.97 9.54 102.62
12.195 FGNSB 10-JUL-2022 PT
10-Jul-19 12.195 0.20 10-Jul-22 1.02 9.81 102.30
11.301 FGNSB 16-AUG-2022 PT
16-Aug-19 11.301 0.24 16-Aug-22 1.13 10.02 101.34
3.610 FGNSB 19-AUG-2022 PT
19-Aug-20 3.610 0.14 19-Aug-22 1.13 10.04 93.19
12.150 FGNSB 11-SEP-2022 PT
11-Sep-19 12.150 0.20 11-Sep-22 1.20 10.17 102.20
3.501 FGNSB 16-SEP-2022 PT
16-Sep-20 3.501 0.09 16-Sep-22 1.21 10.19 92.47
2.453 FGNSB 14-OCT-2022 PT
14-Oct-20 2.453 0.03 14-Oct-22 1.29 10.36 90.60
12.244 FGNSB 16-OCT-2022 PT
16-Oct-19 12.244 0.40 16-Oct-22 1.29 10.37 102.23
1.759 FGNSB 11-NOV-2022 PT
11-Nov-20 1.759 0.03 11-Nov-22 1.36 10.52 89.03
11.296 FGNSB 13-NOV-2022 PT
13-Nov-19 11.296 0.36 13-Nov-22 1.37 10.53 100.96
10.091 FGNSB 11-DEC-2022 PT
11-Dec-19 10.091 0.80 11-Dec-22 1.45 10.69 99.20
1.320 FGNSB 16-DEC-2022 PT
16-Dec-20 1.320 0.00 16-Dec-22 1.46 10.72 87.46
2.197 FGNSB 13-JAN-2023 PT
13-Jan-21 2.197 0.02 13-Jan-23 1.54 10.85 87.93
8.144 FGNSB 15-JAN-2023 PT
15-Jan-20 8.144 0.88 15-Jan-23 1.54 10.86 96.20
4.214 FGNSB 10-FEB-2023 PT
10-Feb-21 4.214 0.67 10-Feb-23 1.61 10.94 90.19
6.910 FGNSB 12-FEB-2023 PT
12-Feb-20 6.910 0.36 12-Feb-23 1.62 10.95 94.09
5.181 FGNSB 10-MAR-2023 PT
10-Mar-21 5.181 0.36 10-Mar-23 1.69 11.05 91.05
5.131 FGNSB 11-MAR-2023 PT
11-Mar-20 5.131 0.21 11-Mar-23 1.69 11.05 90.96
5.522 FGNSB 14-APR-2023 PT
14-Apr-21 5.522 0.20 14-Apr-23 1.79 11.16 90.98
8.889 FGNSB 16-JUN-2023 PT
16-Jun-21 8.889 0.22 16-Jun-23 1.96 11.38 95.68
4.610 FGNSB 19-AUG-2023 PT
19-Aug-20 4.610 0.38 19-Aug-23 2.13 11.39 87.31
4.501 FGNSB 16-SEP-2023 PT
16-Sep-20 4.501 0.20 16-Sep-23 2.21 11.37 86.74
3.453 FGNSB 14-OCT-2023 PT
14-Oct-20 3.453 0.15 14-Oct-23 2.29 11.35 84.30
2.759 FGNSB 11-NOV-2023 PT
11-Nov-20 2.759 0.30 11-Nov-23 2.36 11.33 82.46
1.820 FGNSB 16-DEC-2023 PT
16-Dec-20 1.820 0.05 16-Dec-23 2.46 11.30 79.90
3.197 FGNSB 13-JAN-2024 PT
13-Jan-21 3.197 0.08 13-Jan-24 2.54 11.29 82.37
5.214 FGNSB 10-FEB-2024 PT
10-Feb-21 5.214 1.12 10-Feb-24 2.61 11.32 86.37
6.181 FGNSB 10-MAR-2024 PT
10-Mar-21 6.181 0.50 10-Mar-24 2.69 11.35 88.15
6.522 FGNSB 14-APR-2024 PT
14-Apr-21 6.522 0.38 14-Apr-24 2.79 11.38 88.55
9.889 FGNSB 16-JUN-2024 PT
16-Jun-21 9.889 0.60 16-Jun-24 2.96 11.43 96.17
TOTAL OUTSTANDING VALUE 14.84

TOTAL MARKET CAPITALISATION 14.29

 CONFIDENTIAL - MSG
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Risk Premium
Rating/Agency Issuer Description Issue Date Coupon (%) Outstanding Value (₦’bn) Maturity Date Avg. Life/TTM (Yrs) (%) Valuation Yield (%) Modelled Price

Sub-National Bond

A-/Agusto; A-/GCR *NIGER STATE GOVERNMENT 17.00 NIGER II 4-OCT-2021 PT 04-Oct-11 17.00 0.49 04-Oct-21 0.26 1.00 6.12 102.70

Bbb+/Agusto *BAUCHI STATE GOVERNMENT 15.50 BAUCHI 9-DEC-2021 PT 09-Dec-14 15.50 1.66 09-Dec-21 0.44 1.00 7.19 103.52

A-/Agusto *NIGER STATE GOVERNMENT 17.00 NIGER III 12-DEC-2021 PT 12-Dec-13 17.00 0.93 12-Dec-21 0.45 2.06 8.30 103.73

A-/Agusto; A/GCR *ONDO STATE GOVERNMENT 15.50 ONDO 14-FEB-2022 PT 14-Feb-12 15.50 2.28 14-Feb-22 0.62 1.00 8.33 104.23

A-/Agusto *OYO STATE GOVERNMENT 16.50 OYO 16-FEB-2022 PT 17-Feb-15 16.50 1.05 16-Feb-22 0.39 4.01 9.90 102.41

Bbb+/Agusto *BENUE STATE GOVERNMENT 16.50 BENUE 27-FEB-2022 27-Feb-15 16.50 1.08 27-Feb-22 0.42 1.98 8.04 103.35

Bbb/Agusto *PLATEAU STATE GOVERNMENT 17.50 PLATEAU 30-MAR-2022 PT 30-Mar-15 17.50 6.30 30-Mar-22 0.51 2.85 9.45 103.83

Bbb/Agusto *ZAMFARA STATE GOVERNMENT 17.00 ZAMFARA 18-MAY-2022 PT 20-Apr-15 17.00 1.55 18-May-22 0.64 3.09 10.56 103.85

†/GCR *CROSS RIVER STATE GOVERNMENT 17.00 CROSS RIVER 27-MAY-2022 27-May-15 17.00 1.77 27-May-22 0.67 3.04 10.65 103.92

Bbb+/Agusto; BBB+/GCR *GOMBE STATE GOVERNMENT 16.00 GOMBE 30-MAR-2023 PT 02-Oct-12 16.00 5.04 30-Mar-23 1.05 1.00 10.85 104.83

Bbb+/Agusto; BBB+/DataPro KOGI STATE GOVERNMENT 15.00 KOGI I 31-DEC-2023 PT 31-Dec-13 15.00 2.62 31-Dec-23 1.57 1.94 12.83 102.94

Bbb+/Agusto KOGI STATE GOVERNMENT 17.00 KOGI II 1-APR-2025 PT 01-Apr-15 17.00 2.11 01-Apr-25 2.21 1.00 12.37 108.39

A+/GCR; Aa-/Agusto LAGOS STATE GOVERNMENT 17.25 LAGOS IIB 11-AUG-2027 11-Aug-17 17.25 38.77 11-Aug-27 4.20 1.00 13.33 112.03

A+/GCR; Aa-/Agusto LAGOS STATE GOVERNMENT 15.85 LAGOS IID 11-AUG-2027 17-Jan-18 15.85 5.34 11-Aug-27 4.17 2.61 14.92 102.75

A+/GCR; Aa-/Agusto LAGOS STATE GOVERNMENT 12.25 LAGOS III 29-JAN-2030 29-Jan-20 12.25 100.00 29-Jan-30 5.45 1.00 13.30 96.23

TOTAL OUTSTANDING VALUE 170.99

TOTAL MARKET CAPITALISATION 173.16

Corporate Bond

BBB+/GCR; A-/Agusto UNION BANK OF NIGERIA PLC 15.50 UNION I 3-SEP-2021 07-Sep-18 15.50 7.02 03-Sep-21 0.18 1.00 5.60 101.66
BBB+/GCR; A-/Agusto FLOUR MILLS OF NIGERIA PLC 15.50 FLOURMILLS I 30-OCT-2021 01-Nov-18 15.50 10.11 30-Oct-21 0.33 1.00 6.54 102.84
BBB+/GCR *FCMB LIMITED 14.25 FCMB I 20-NOV-2021 20-Nov-14 14.25 26.00 20-Nov-21 0.39 6.73 12.60 100.54
A-/GCR FORTE OIL PLC 17.50 FORTE 2-DEC-2021 02-Dec-16 17.50 1.48 02-Dec-21 0.42 1.63 7.71 103.95
Aaa/Agusto; AA-/GCR MIXTA REAL ESTATE PLC 17.00 MIXTA 16-JAN-2022 17-Jan-17 17.00 2.00 16-Jan-22 0.29 1.19 6.51 102.98
A-/GCR DUFIL PRIMA FOODS PLC 18.25 DUFIL 1-SEP-2022 31-Aug-17 18.25 10.00 01-Sep-22 1.17 1.78 11.89 106.70
Bbb/Agusto; BBB+/GCR *TRANSCORP HOTELS PLC 16.00 TRANSCORP I 26-OCT-2022 26-Oct-15 16.00 3.45 26-Oct-22 0.85 2.77 11.54 103.41
BBB/GCR; Bbb+/Agusto LAPO MFB SPV PLC 17.75 LAPO MFB 19-DEC-2022 20-Dec-17 17.75 3.15 19-Dec-22 1.47 3.70 14.44 104.23
A-/GCR; A/Agusto FBNQUEST MERCHANT BANK FUNDING SPV PLC 10.50 FBNQ SPV I 5-FEB-2023 05-Feb-20 10.50 5.00 05-Feb-23 1.60 1.29 12.21 97.56
BBB+/GCR; A-/Agusto FLOUR MILLS OF NIGERIA PLC 10.00 FLOURMILLS IIIA 27-FEB-2023 27-Feb-20 10.00 12.50 27-Feb-23 1.66 3.04 14.04 94.16
A-/Agusto; BBB+/GCR *C & I LEASING PLC 16.54 C&I LEASING I 11-JUN-2023 11-Jul-18 16.54 3.48 11-Jun-23 1.24 3.12 13.39 103.43
BBB/GCR STERLING INV. MGT. PLC 16.50 STERLING INV. 3-AUG-2023 03-Aug-16 16.50 7.97 03-Aug-23 2.09 1.00 12.41 107.32
BBB-/GCR WEMA FUNDING SPV PLC 18.50 WEMA FUNDING SPV I 11-OCT-2023 12-Oct-16 18.50 6.30 11-Oct-23 2.28 1.00 12.35 111.83
Aaa/Agusto; AA-/GCR MIXTA REAL ESTATE PLC 16.50 MIXTA IIA 12-OCT-2023 12-Oct-18 16.50 2.96 12-Oct-23 2.28 1.00 12.35 107.98
A+/Agusto; BBB/GCR MIXTA REAL ESTATE PLC 17.75 MIXTA IIB 12-OCT-2023 12-Oct-18 17.75 2.32 12-Oct-23 2.28 6.70 18.05 99.36
BBB+/GCR; A-/Agusto FLOUR MILLS OF NIGERIA PLC 16.00 FLOURMILLS II 30-OCT-2023 01-Nov-18 16.00 10.00 30-Oct-23 2.33 1.19 12.52 106.79
AA/GCR STANBIC IBTC 15.75 STANBIC I 5-DEC-2023 17-Dec-18 15.75 30.00 05-Dec-23 2.43 1.00 12.31 107.02
BBB-/GCR FCMB LIMITED 17.25 FCMB III 8-DEC-2023 09-Dec-16 17.25 5.10 08-Dec-23 2.44 1.36 12.66 109.34
†/GCR; A+sf/Agusto: †/DataPro CERPAC RECEIVABLES FUNDING SPV PLC 18.25 CERPAC-SPV 15-JAN-2025 29-Jan-18 18.25 2.44 15-Jan-25 1.05 4.87 14.74 99.38
BBB+/GCR; A-/Agusto FLOUR MILLS OF NIGERIA PLC 11.10 FLOURMILLS IIIB 27-FEB-2025 27-Feb-20 11.10 7.50 27-Feb-25 3.66 4.11 16.04 86.67
BBB/GCR; Bbb+/Agusto LAPO MFB SPV PLC 13.00 LAPO MFB II 30-MAR-2025 30-Mar-20 13.00 6.20 30-Mar-25 3.75 1.24 13.24 99.26
AAA/GCR DANGOTE CEMENT PLC 12.50 DANGCEM I 30-APR-2025 24-Apr-20 12.50 100.00 30-Apr-25 3.83 2.84 14.90 93.14
†/GCR; A+sf/Agusto; AA/DataPro CERPAC RECEIVABLES FUNDING SPV PLC 15.25 CERPAC-SPV I 7-MAY-2025 07-May-18 15.25 6.93 07-May-25 1.32 2.22 12.65 99.28
A-/Augsto; A-/DataPro UNITED CAPITAL PLC 12.50 UNICAP I 28-MAY-2025 28-May-20 12.50 8.45 28-May-25 2.29 2.81 14.16 96.92
†/GCR; A+sf/Agusto; AA/DataPro CERPAC RECEIVABLES FUNDING SPV PLC 15.50 CERPAC-SPV II 15-JUL-2025 11-Jul-18 15.50 0.95 15-Jul-25 1.32 1.85 12.28 100.47
BBB+/GCR; A-/Agusto UNION BANK OF NIGERIA PLC 15.75 UNION II 3-SEP-2025 07-Sep-18 15.75 6.31 03-Sep-25 4.18 1.42 13.73 106.19
BBB/GCR; A/DataPro STERLING INV. MGT. PLC 16.25 STERLING INV. II 6-OCT-2025 05-Oct-18 16.25 32.90 06-Oct-25 4.27 3.73 16.11 100.34
BBB-/GCR; Bbb/Agusto WEMA FUNDING SPV PLC 16.50 WEMA FUNDING SPV II 12-OCT-2025 12-Oct-18 16.50 17.68 12-Oct-25 4.28 3.78 16.18 100.90
A-/Agusto FLOUR MILLS OF NIGERIA PLC 5.50 FLOURMILLS IV A 15-DEC-2025 14-Dec-20 5.50 4.89 15-Dec-25 4.46 1.00 13.52 73.78
A-/DataPro; Bbb-/Agusto CARDINALSTONE FINANCING SPV PLC 7.00 CARDINAL SPV I 30-DEC-2025 30-Dec-20 7.00 5.00 30-Dec-25 3.30 1.00 12.66 85.27
Bbb-sf/Agusto PRIMERO BRT SECURITISATION SPV PLC 17.00 PRIMERO BRT-SPV 15-MAY-2026 24-May-19 17.00 13.52 15-May-26 2.83 7.71 19.11 97.74
A+/Agusto ACCESS BANK PLC 15.50 ACCESS BANK 23-JUL-2026 23-Jul-19 15.50 30.00 23-Jul-26 4.31 2.94 15.35 100.37
BBB+/Agusto; BBB+/GCR TAK AGRO PLC 16.49 TAK AGRO 15-NOV-2026 15-Nov-19 16.49 13.02 15-Nov-26 3.26 7.42 19.06 94.20
BBB/GCR; Bbb-/Agusto EAT & GO FINANCE SPV PLC 14.25 EAT & GO FINANCE SPV 17-DEC-2026 17-Dec-19 14.25 11.50 17-Dec-26 3.21 2.74 14.34 102.79
BBB+/GCR; Bbb+/Agusto AXXELA FUNDING 1 PLC 14.30 AXXELA I 20-MAY-2027 20-May-20 14.30 11.50 20-May-27 3.92 2.76 14.89 98.33
A+/DataPro; Bbb-/Agusto NOVAMBL INVESTMENTS SPV PLC 12.00 NOVAMBL SPV I 23-JUL-2027 23-Jul-20 12.00 10.00 23-Jul-27 6.06 4.00 16.21 84.10
A-/GCR; Aaa/Agusto *NMRC 7.20 NMRC III 2-NOV-2027 02-Nov-20 7.20 7.22 02-Nov-27 3.33 3.49 15.18 103.93
AAA/GCR VIATHAN FUNDING PLC 16.00 VIATHAN 14-DEC-2027 15-Dec-17 16.00 8.93 14-Dec-27 3.99 1.00 13.17 108.16
A-/Agusto FLOUR MILLS OF NIGERIA PLC 6.25 FLOURMILLS IV B 14-DEC-2027 14-Dec-20 6.25 25.00 14-Dec-27 6.46 1.67 13.88 68.13
AA-/DataPro; A/Agusto BUA CEMENT PLC 7.50 BUACEM I 30-DEC-2027 30-Dec-20 7.50 115.00 30-Dec-27 4.75 1.00 13.50 79.72
BBB+/GCR; A-/Agusto UNION BANK OF NIGERIA PLC 16.20 UNION III 27-JUN-2029 27-Jun-19 16.20 30.00 27-Jun-29 7.99 3.35 15.59 102.73
AAA/GCR; A+/Agusto *NMRC 14.90 NMRC I 29-JUL-2030 29-Jul-15 14.90 6.64 29-Jul-30 5.63 1.00 13.26 106.09
AAA/DataPro; Bbb/Agusto TSL SPV PLC 10.00 TSL SPV I 6-OCT-2030 06-Oct-20 10.00 12.00 06-Oct-30 5.50 2.64 14.92 82.91
A/DataPro; A-/Agusto FBNQ MB FUNDING SPV PLC 6.25 FBNQ MB SPV II 16-DEC-2030 16-Dec-20 6.25 8.00 16-Dec-30 9.46 1.00 13.27 62.80
A/Agusto; A/DataPro FIDELITY BANK PLC 8.50 FIDELITY I 27-JAN-2031 27-Jan-21 8.50 41.21 27-Jan-31 9.58 1.00 13.27 74.55
Aaa/Agusto; AAA/GCR *NMRC 13.80 NMRC II 15-MAR-2033 21-May-18 13.80 10.15 15-Mar-33 7.60 1.00 13.24 102.52
Aaa/Agusto GEL UTILITY FUNDING SPV PLC 15.15 GEL UTILITY-SPV 28-AUG-2034 28-Aug-19 15.15 13.00 28-Aug-34 8.94 1.58 13.84 92.15
TOTAL OUTSTANDING VALUE 714.77
TOTAL MARKET CAPITALISATION 663.10

Outstanding Value
Rating/Agency Issuer Description Issue Date Rental Rate (%) Maturity Date TTM (Yrs) Yield (%) Closing Price
(₦’bn)
FGN Sukuk Bond
16.47 FGNSK 26-SEP-2024 26-Sep-17 16.47 100.00 26-Sep-24 3.24 11.62 112.72

FGN Roads Sukuk Company 1 PLC 15.743 FGNSK 28-DEC-2025 28-Dec-18 15.74 100.00 28-Dec-25 4.49 12.55 110.72

11.20 FGNSK 16-JUN-2027 16-Jun-20 11.20 162.56 16-Jun-27 5.96 12.22 95.77

TOTAL OUTSTANDING VALUE 362.56

TOTAL MARKET CAPITALISATION 379.13

Outstanding Value
Rating/Agency Issuer Description Issue Date Coupon (%) Maturity Date TTM (Yrs) Yield (%) Closing Price
(₦’bn)

FGN Green Bond

13.48 FGNGB 22-DEC-2022 22-Dec-17 13.480 10.69 22-Dec-22 1.48 10.75 103.62
FGN
14.50 FGNGB 13-JUN-2026 13-Jun-19 14.500 15.00 13-Jun-26 4.95 12.46 107.35

TOTAL OUTSTANDING VALUE 25.69

TOTAL MARKET CAPITALISATION 27.18

#
Risk Premium
Rating/Agency Issuer Description Issue Date Coupon (%) Outstanding Value (₦’bn) Maturity Date Avg. Life/TTM (Yrs) (%) Valuation Yield (%) Modelled Price

Corporate Green Bond

Aa-/Agusto ACCESS BANK PLC 15.50 ACCESS GB 18-MAR-2024 18-Mar-19 15.50 15.00 18-Mar-24 2.71 4.17 15.52 99.89

AAA/GCR; A-/Agusto NSP-SPV POWERCORP PLC 15.60 NSP-SPV GB 27-FEB-2034 27-Feb-19 15.60 8.50 27-Feb-34 12.66 1.56 13.88 110.08

TOTAL OUTSTANDING VALUE 23.50

TOTAL MARKET CAPITALISATION 24.34

Rating/Agency Issuer Description Issue Date Coupon (%) Outstanding Value ($’mm) Maturity Date Yield (%) Closing Price

FGN Eurobond

B1/Moody's; B/S&P; B+/Fitch 5.625 27-JUN-2022 27-Jun-17 5.625 300.00 27-Jun-22 1.93 103.55

BB-/Fitch; BB-/S&P 6.375 JUL 12, 2023 PT

12-Jul-13 6.375 500.00 12-Jul-23 2.78 107.01

B2/Moody's; B/S&P; B+/Fitch 7.625 21-NOV-2025 21-Nov-18 7.625 1118.35 21-Nov-25 4.41 112.65

B2/Moody's; B/S&P; B+/Fitch 6.50 NOV 28, 2027 28-Nov-17 6.50 1500.00 28-Nov-27 5.40 105.85

B2/Moody's; B/S&P; B+/Fitch 7.143 FEB 23, 2030 23-Feb-18 7.143 1250.00 23-Feb-30 6.34 105.24
FGN
B2/Moody's; B/S&P; B+/Fitch 8.747 JAN 21, 2031 21-Nov-18 8.747 1000.00 21-Jan-31 6.81 113.40

B1/Moody's; B/S&P; B+/Fitch 7.875 16-FEB-2032 16-Feb-17 7.875 1500.00 16-Feb-32 6.87 107.45

B2/Moody's; B/S&P; B+/Fitch 7.696 FEB 23, 2038 23-Feb-18 7.696 1250.00 23-Feb-38 7.45 102.27

B2/Moody's; B/S&P; B+/Fitch 7.625 NOV 28, 2047 28-Nov-17 7.625 1500.00 28-Nov-47 7.64 99.83

B2/Moody's; B/S&P; B+/Fitch 9.248 JAN 21, 2049 21-Nov-18 9.248 750.00 21-Jan-49 8.00 113.75

TOTAL OUTSTANDING VALUE 10,668.35

TOTAL MARKET CAPITALISATION 11,383.52

Corporate Eurobond
B/Fitch; B/S&P ACCESS BANK PLC III 10.50 OCT 19, 2021 PT
19-Oct-16 10.50 300.00 19-Oct-21 2.97 102.12
B/S&P; B+/Fitch ZENITH BANK PLC II 7.375 MAY 30, 2022 PT
30-May-17 7.375 500.00 30-May-22 3.07 103.79
B/S&P; B/Fitch UBA PLC 7.75 JUN 8, 2022 PT
08-Jun-17 7.75 500.00 08-Jun-22 3.71 103.62
TOTAL OUTSTANDING VALUE 1,300.00

TOTAL MARKET CAPITALISATION 1,343.41

Outstanding Value #
Risk Premium
Rating/Agency Issuer Description Issue Date Issue Yield (%) Maturity Date DTM Valuation Yield (%) Discount Rate (%) Modelled Price
(₦’bn) (%)

Commercial Paper

BGCR; A2/DataPro MIXTA REAL ESTATE PLC MREP CP XXX 13-JUL-21 16-Oct-20 7.5000 1.34 13-Jul-21 12 5.92 9.71 9.68 99.68

BGCR; A2/DataPro MIXTA REAL ESTATE PLC MREP CP XXXII 13-JUL-21 16-Dec-20 5.0000 2.00 13-Jul-21 12 4.41 8.20 8.18 99.73

A-Agusto; A-/DataPro UNION BANK OF NIGERIA PLC UBNP CP VI 19-JUL-21 16-Oct-20 4.2500 2.50 19-Jul-21 18 3.79 7.68 7.65 99.62

A2GCR; A/Agusto FSDH MERCHANT BANK LIMITED FSDH CP II 23-JUL-21 30-Oct-20 3.5915 23.60 23-Jul-21 22 3.24 7.19 7.16 99.57

BGCR; A2/DataPro MIXTA REAL ESTATE PLC MREP CP XXXIII 29-JUL-21 15-Jan-21 4.5000 1.66 29-Jul-21 28 3.95 8.01 7.96 99.39

A+Agusto; A2/GCR CORONATION MERCHANT BANK LIMITED CMBL CP XI 2-AUG-21 03-Feb-21 1.7652 1.29 02-Aug-21 32 1.00 5.10 5.08 99.55

A2Datapro MIXTA REAL ESTATE PLC MREP CP XXXI 13-AUG-21 16-Nov-20 6.0000 5.67 13-Aug-21 43 5.86 10.14 10.02 98.82

A1DataPro; A-/Agusto UNITED CAPITAL PLC UNCP CP III 27-AUG-21 01-Dec-20 1.2620 15.00 27-Aug-21 57 1.12 5.63 5.58 99.13

BBBDataPro VALENCY AGRO NIGERIA LIMITED VAAG CP I 27-AUG-21 03-Feb-21 8.0000 5.12 27-Aug-21 57 7.10 11.61 11.40 98.22

A2DataPro; Bbb+/Agusto TOTAL NIGERIA PLC TTNG CP II 31-AUG-21 21-Dec-20 2.0000 12.75 31-Aug-21 61 1.46 6.03 5.97 99.00

F1+(nga)Fitch; A1+/GCR STANBIC IBTC BANK PLC SIBP CP I 2-SEP-21 08-Dec-20 1.0000 22.00 02-Sep-21 63 1.00 5.59 5.53 99.04

Aa-Agusto; A1+/GCR NIGERIAN BREWERIES PLC NBRP CP XIII 2-SEP-21 03-Mar-21 3.6500 0.94 02-Sep-21 63 1.68 6.27 6.20 98.93

A2DataPro DUFIL PRIMA FOODS PLC DUFL CP III 3-SEP-21 05-Mar-21 4.5000 4.65 03-Sep-21 64 2.53 7.13 7.05 98.76

A1DataPro; A-/Agusto UNITED CAPITAL PLC UNCP CP III 6-SEP-21 08-Mar-21 5.0000 2.53 06-Sep-21 67 2.96 7.61 7.51 98.62

A+Agusto; A2/GCR CORONATION MERCHANT BANK LIMITED CMBL CP XIII 7-SEP-21 11-Mar-21 4.5000 0.71 07-Sep-21 68 1.00 5.67 5.61 98.96

AaAgusto; A1+/GCR MTN NIGERIA COMMUNICATIONS PLC MTNN CP III 20-SEP-21 23-Mar-21 7.0000 19.77 20-Sep-21 81 3.13 8.01 7.87 98.25

A+Agusto; A2/GCR CORONATION MERCHANT BANK LIMITED CMBL CP XV 11-OCT-21 14-Apr-21 7.2503 1.41 11-Oct-21 102 3.41 8.63 8.43 97.64

A-Agusto; A-/DataPro UNION BANK OF NIGERIA PLC UBNP CP VIII 18-OCT-21 21-Apr-21 8.8719 2.58 18-Oct-21 109 4.98 10.32 10.01 97.01

A+Agusto; A2/GCR CORONATION MERCHANT BANK LIMITED CMBL CP XII 31-OCT-21 03-Feb-21 2.5992 2.34 31-Oct-21 122 1.05 6.60 6.46 97.84

A+Agusto; A2/GCR CORONATION MERCHANT BANK LIMITED CMBL CP XVII 15-NOV-21 19-May-21 7.0000 0.10 15-Nov-21 137 1.91 7.69 7.48 97.19

Aa-Agusto; A1+/GCR NIGERIAN BREWERIES PLC NBRP CP XIV 25-NOV-21 03-Mar-21 4.7500 2.67 25-Nov-21 147 2.73 8.68 8.39 96.62

BbbAgusto; A1-/DataPro PARTHIAN PARTNERS LIMITED PARP CP IA 26-NOV-21 02-Mar-21 7.5000 10.00 26-Nov-21 148 5.48 11.45 10.94 95.56

BbbAgusto; A1-/DataPro PARTHIAN PARTNERS LIMITED PARP CP IB 26-NOV-21 18-Mar-21 7.4755 5.26 26-Nov-21 148 2.87 8.84 8.54 96.54

A2DataPro DUFIL PRIMA FOODS PLC DUFL CP IV 30-NOV-21 05-Mar-21 6.0000 15.75 30-Nov-21 152 3.98 10.01 9.62 96.00

A3GCR; A2/DataPro MIXTA REAL ESTATE PLC MREP CP XXXIV 30-NOV-21 05-Mar-21 6.5000 1.09 30-Nov-21 152 4.48 10.51 10.07 95.80

A+Agusto; A2/GCR CORONATION MERCHANT BANK LIMITED CMBL CP XIV 6-DEC-21 11-Mar-21 6.0000 14.13 06-Dec-21 158 2.19 8.33 8.04 96.52
 CONFIDENTIAL - MSG
#

AaAgusto; A1+/GCR MTN NIGERIA COMMUNICATIONS PLC MTNN CP IV 17-DEC-21 23-Mar-21 8.0000 53.74 17-Dec-21 169 3.40 9.72 9.30 95.69

A1DataPro FIDSON HEALTHCARE PLC FDHC CP I 17-DEC-21 23-Mar-21 8.0000 4.50 17-Dec-21 169 3.40 9.72 9.30 95.69

BbbAgusto PARTHIAN PARTNERS LIMITED PARP CP II 30-DEC-21 09-Apr-21 7.5000 4.74 30-Dec-21 182 1.80 8.33 8.00 96.01

A+Agusto; A2/GCR CORONATION MERCHANT BANK LIMITED CMBL CP XVI 7-JAN-22 14-Apr-21 9.6368 20.20 07-Jan-22 190 3.94 10.60 10.05 94.77

A3GCR; A2/DataPro MIXTA REAL ESTATE PLC MREP CP XXXV 14-JAN-22 19-Apr-21 10.0000 0.96 14-Jan-22 197 3.93 10.71 10.13 94.53

A-Agusto; A-/DataPro UNION BANK OF NIGERIA PLC UBNP CP IX 14-JAN-22 21-Apr-21 10.7924 32.38 14-Jan-22 197 4.72 11.50 10.83 94.15

A-DataPro TRUSTBANC HOLDINGS LIMITED TRBH CP I 8-FEB-22 14-May-21 11.9744 0.20 08-Feb-22 222 5.24 12.45 11.57 92.96
 CONFIDENTIAL - MSG
#

A+Agusto; A2/GCR CORONATION MERCHANT BANK LIMITED CMBL CP XVIII 11-FEB-22 19-May-21 11.0000 11.36 11-Feb-22 225 3.89 11.15 10.44 93.57

A3GCR; A2/DataPro MIXTA REAL ESTATE PLC MREP CP XXXVI 11-FEB-22 19-May-21 12.5000 1.02 11-Feb-22 225 5.39 12.65 11.74 92.76

TOTAL OUTSTANDING VALUE 305.96

TOTAL MARKET CAPITALISATION 296.17

Outstanding Value #
Risk Premium
Rating/Agency Issuer Description Issue Date Issue Yield (%) Maturity Date DTM Valuation Yield (%) Discount Rate (%) Modelled Price
($’mm) (%)

Commercial Paper - USD

B-/Stable/BS&P STANBIC IBTC BANK PLC SIBP CP II 3-DEC-21 09-Mar-21 3.7500 8.31 03-Dec-21 155 3.71 4.46 4.38 98.14

TOTAL OUTSTANDING VALUE 8.31

TOTAL MARKET CAPITALISATION 8.16

**NIGERIAN TREASURY BILLS^ Money Market

Foreign Exchange
Outstanding Value (Spot & Forwards)
DTM Maturity Closing Rate (%) Yield (%) Closing Price Tenor Rate (%)
(₦’bn)

14 15-Jul-21 3.80 3.80 99.85 109.43 Spot Rate ($/N)

OBB 11.50
28 29-Jul-21 4.01 4.02 99.69 216.19 CBN SMIS Window 380.69

56 26-Aug-21 4.42 4.45 99.32 157.21 I&E FX Window 410.70

O/N 12.00
70 9-Sep-21 4.63 4.68 99.11 138.17
^^Forwards Rate ($/N)
77 16-Sep-21 4.74 4.79 99.00 155.88 REPO

91 30-Sep-21 4.95 5.01 98.77 111.87 Tenor Rate (%) 1M 412.27

105 14-Oct-21 5.16 5.23 98.52 116.42 Call 11.50 2M 416.23

119 28-Oct-21 5.37 5.46 98.25 146.87 1M 13.50 3M 418.15

133 11-Nov-21 5.58 5.69 97.97 146.02 3M 14.00 6M 423.83

147 25-Nov-21 5.79 5.92 97.67 115.19 6M 14.50 1Y 435.68

196 13-Jan-22 6.52 6.76 96.50 65.93 Mutual Funds

210 27-Jan-22 6.73 7.00 96.13 123.11

Net Asset Value Bid Price Offer Price Yield
Fund Name Date
(₦’bn) (₦) (₦) (%)
224 10-Feb-22 6.94 7.25 95.74 90.15

Greenwich Plus Money Market

238 24-Feb-22 7.15 7.50 95.34 90.38 24-Jun-21 2.49 100.00 100.00 4.49
Fund

252 10-Mar-22 7.36 7.75 94.92 80.57 Stanbic IBTC Bond Fund 30-Jun-21 130.81 230.86 230.86 N/A

Stanbic IBTC Money Market

259 17-Mar-22 7.46 7.88 94.71 53.46 30-Jun-21 201.66 1.00 1.00 7.77
Fund

273 31-Mar-22 7.67 8.14 94.26 138.71

First Ally Asset Management
25-Jun-21 0.52 1.00 1.00 4.40
Money Market Fund
301 28-Apr-22 8.09 8.67 93.33 116.27

315 12-May-22 8.30 8.94 92.84 122.56 Cordros Money Market Fund 30-Jun-21 4.58 100.00 100.00 6.17

329 26-May-22 8.61 9.33 92.24 143.88

FSDH Treasury Bills Money
18-Jun-21 6.71 100.00 100.00 6.69
Market Fund
343 9-Jun-22 9.00 9.83 91.54 164.11

TOTAL OUTSTANDING VALUE 2,602.39

SFS Fixed Income Fund 30-Jun-21 6.42 1.00 1.00 10.78
TOTAL MARKET CAPITALISATION 2,514.79

Net Asset Value

Fund Name Date Bid Price ($) Offer Price ($) Yield (%)
($'bn)
**OPEN MARKET OPERATION (OMO) BILLS^

Outstanding Value
DTM Maturity Closing Rate (%) Yield (%) Closing Price Stanbic IBTC Dollar Fund 30-Jun-21 0.37 1.26 1.26 N/A
(₦’bn)

40 10-Aug-21 9.00 9.09 99.01 80.00 Debt Fund

47 17-Aug-21 9.07 9.17 98.83 91.00

Net Asset Value
Fund Manager Fund Name Date Units in Issue Net Asset Value per Unit (₦)
(₦'bn)
54 24-Aug-21 9.13 9.26 98.65 157.27

61 31-Aug-21 9.20 9.34 98.46 57.00

Chapel Hill Denham Chapel Hill Denham Nigeria
31-Mar-21 77.73 722,945,747.00 107.52
Management Limited Infrastructure Debt Fund
68 7-Sep-21 9.22 9.38 98.28 70.00

89 28-Sep-21 9.29 9.51 97.73 80.00 Exchange Traded Fund

103 12-Oct-21 9.34 9.59 97.37 110.00

Net Asset Value
Fund Name Date Bid Price ($) Offer Price ($) Yield (%)
(₦’bn)
110 19-Oct-21 9.36 9.63 97.18 85.00

Vetiva S&P Nigeria Sovereign

117 26-Oct-21 9.38 9.67 96.99 80.00 30-Jun-21 0.53 150.07 152.07 N/A
Bond ETF

124 2-Nov-21 9.40 9.71 96.81 53.80 NOTE:

138 16-Nov-21 9.45 9.80 96.43 72.50 :Benchmarks NA :Not Applicable ^^ Indicative FX Forward Rates

152 30-Nov-21 9.49 9.88 96.05 58.50 * :Amortising Bond ^ : Market Prices

159 7-Dec-21 9.52 9.93 95.86 50.00 µ :Convertible Bond # : Floating Rate Bond

180 28-Dec-21 9.58 10.06 95.27 60.00 AMCON: Asset Management Corporation of Nigeria ***: Deferred coupon bonds

194 11-Jan-22 9.63 10.15 94.88 60.00 FGN: Federal Government of Nigeria DTM: Days-To-Maturity

201 18-Jan-22 9.65 10.19 94.69 130.00 FMBN: Federal Mortgage Bank of Nigeria TTM: Term-To-Maturity

208 25-Jan-22 9.65 10.21 94.50 110.00 IFC: International Finance Corporation ‡ : Rating under review

215 1-Feb-22 9.65 10.23 94.32 51.71 Ꞩ: Rating Suspended †: Rating expired

222 8-Feb-22 9.65 10.25 94.13 140.00 NAHCO: Nigerian Aviation Handling Company N/A :Not Available

229 15-Feb-22 9.68 10.31 93.92 140.00 O/N: Overnight {r} :Issuer in receivership

236 22-Feb-22 9.70 10.35 93.73 230.00 UPDC: UAC Property Development Company NGC: Nigeria-German Company

243 1-Mar-22 9.60 10.26 93.61 70.00 WAPCO:West Africa Portland Cement Company UBA: United Bank for Africa

250 8-Mar-22 9.65 10.33 93.39 40.00 FRN: Federal Republic of Nigeria PT: Permitted Trading

257 15-Mar-22 9.70 10.41 93.17 70.00 *for the Amortising bonds, the average life is calculated and not the TTM #
Risk Premium is a combination of credit risk and liquidity risk premiums

TOTAL OUTSTANDING VALUE 2,146.78 FGNSB: FGN Savings Bond **Exclusive of non-trading bills

TOTAL MARKET CAPITALISATION 2,057.67

SPECIAL BILLS^

DTM Maturity Closing Rate (%) Yield (%) Closing Price

60 30-Aug-21 9.00 9.14 98.52