Nigeria’s Eurobond Yields Rises amid Sell Pressure…


It was an encouraging week in the debt
market as the DMO allotted N225.00 billion
in bonds in the concluded week, including
N75.00 billion for the 13.53% FGN MAR
2025, and N75.00 billion for the 12.50%
FGN APR 2032, and N75.00 billion for the
13.00% FGN JAN 2042.

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Stop rates for 25s, 32s and 42s were set at 13.53%, 12.50%, and 13.00%, respectively. Given the fixed stop rate, the secondary market lacked
direction, resulting in a flattish movement in the value of FGN bonds traded over the majority of maturities tracked.

The 10-year 16.29% FGN MAR 2027 paper, 15-year 12.50% FGN MAR 2035 bond, and 20-year 16.25% FGN MAR 2037 bond yields, in particular, traded around 12.71%, 13.13%, and 13.46%, respectively.

The 30-year 12.98% FGN MAR 2050 instrument lost N2.41 with its corresponding yield rising to 13.75% (from 13.40%).

Elsewhere, the value of FGN Eurobonds traded at the international capital market depreciated for all maturities tracked on bearish sentiment; the 10-year, 6.375% JUL 12, 2023 bond, the 20-year,
7.69% FEB 23, 2038 paper and the 30-year, 7.62% NOV 28, 2047 debt each lost USD 1.88, USD 7.64 and USD 8.75 respectively; their corresponding yields rose to 9.63% (from 7.35%), 12.77% (from 11.32%) and 12.50% (from 10.97%) respectively.

In the new week, we expect to see increased bearish activity in the local FGN bonds space as FGN Eurobonds yields appear to be relatively high…

Godwin Okafor
Godwin Okafor
Godwin Okafor is a veteran Financial Journalist, Internet Social Entrepreneur, and the visionary Founder of Naija247news Media Limited. With an extensive career spanning over 16 years in financial journalism, Godwin possesses a wealth of experience that seamlessly bridges both traditional and digital media landscapes. His journey in journalism commenced at Business Day, Nigeria, where he laid the foundation for his prolific career. In 2010, Godwin took a bold step by founding Naija247news Media, a platform that has since become a prominent player in delivering timely and accurate news. Educationally, Godwin Okafor holds a Bachelor's degree in Industrial Relations and Personnel Management from the prestigious Lagos State University, Ojo, Lagos. His commitment to continuous learning led him to the Lagos Business School, where he further honed his skills. Additionally, he is recognized as a Fellow of the University of Pennsylvania, having successfully completed the Wharton Seminar for Business Journalists. Throughout his illustrious career, Godwin has earned acclaim by winning numerous journalism awards, a testament to his dedication to excellence in reporting. Beyond his role as a Financial Journalist, Godwin Okafor wears the hat of the Chairman at Emmerich Resources Limited, the publishing entity behind Naija247news. His visionary leadership has played a pivotal role in shaping the media landscape and establishing Naija247news as a trusted source of information. Godwin Okafor's multifaceted expertise, commitment to journalistic integrity, and leadership in the realm of business journalism underscore his influential presence in both the media and entrepreneurial spheres.

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