Bearish sentiments characterised the secondary market for Treasury bills on Tuesday, as the yield on all tenors advanced. The yields on the one-month, six-month, nine-month and 12-month instruments advanced by 0.13 per cent, 0.96 per cent, 0.07 per cent, 0.06 per cent and 0.0 per cent,% respectively. Consequently, the average T-bills yield advanced by 0.25 per cent, to close at 14.64 per cent. The average bond yield declined, albeit marginally, by 0.001 per cent, to close at 13.60 per cent, as the yield on five instruments advanced, six traded flat, while five instruments recorded yield declines. At the close of trades, the open buy-back and overnight rates declined by 1.67 per cent and 1.71 per cent, respectively. As a result, the average money market rate declined further by 1.69 per cent, to close at 16.77 per cent, according to Meristem data. Meanwhile, on Monday, the open buy-back and overnight rates declined by 0.33 per cent and 0.08 per cent, apiece, to peg the average money market rate at 18.46 per cent. In the Treasury bonds space, bullish sentiments dominated as the average bond yield declined by 0.09 per cent to close at 13.60 per cent. Ten tenors recorded yield declines, four tenors traded flat, while the July-2021 and March-2027 were the only bonds with yield advancements. Similarly, the secondary T-bills space was characterized by buying pressures, as yields on all tenors declined in the day, save for the 12-month tenor which advanced by 0.42 per cent. Consequently, the average T-bills yield closed at 14.39 per cent, after paring by 0.14 per cent in the day. Source: The Punch