Market Interest Rates Edge Upwards

June 11, 2019/Coronation Report

For weeks we have been perplexed by one-year Naira-denominated risk-free rates lower than 250 – 300 spread over inflation which we think foreign investors require. Last week rates moved backup. As we argue on page 2, a soft outlook for US rates does not necessarily mean lower rates in emerging markets, especially if a US slowdown in growth implies weak oil prices.

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