Playing the markets amid heightened uncertainty

Q3:12. There were obviously other concerns that initially precipitated a move higher in the yield curve, including some delays in the disbursement of last months FAAC allocations, a relative increase in CBN FX sales (which mopped up NGN liquidity), but, more importantly, the uncertain timing and scope of the switch auctions planned by the DMO to exchange on-the-run bonds for off-the-run instruments (due in 2013) that will to some extent weigh on the net issuance at the longer end.
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