As of Friday, July 26, 2024, several Federal Government of Nigeria (FGN) Eurobonds are trading with yields above 8%, reflecting ongoing market conditions and investor sentiment.
Thank you for reading this post, don't forget to subscribe!The FGN Eurobond maturing on November 21, 2025, with a coupon rate of 7.625%, is trading at a price of $99.48, yielding 8.1%. Despite minor price fluctuations, the yield has remained stable over the week.
The Eurobond maturing on November 28, 2027, with a 6.50% coupon, saw a slight price decrease to $91.90, pushing the yield to 9.2%.
Similarly, the bond maturing on September 28, 2028, with a 6.125% coupon, is trading at $87.63, yielding 9.7%.
The 8.375% Eurobond maturing on March 24, 2029, is priced at $93.88, resulting in a 10.0% yield. Meanwhile, the 7.143% bond due on February 23, 2030, is trading at $87.53, yielding 10.1%.
The 8.747% bond maturing on January 21, 2031, experienced a price drop to $93.00, yielding 10.2%. Similarly, the 7.875% bond due on February 16, 2032, is priced at $86.95, with a yield of 10.3%.
Bonds with longer maturities also reflect high yields. The 7.375% Eurobond maturing on September 28, 2033, is trading at $82.03, yielding 10.4%. The bond maturing on February 23, 2038, with a 7.696% coupon, is priced at $78.15, resulting in a 10.7% yield.
The longest-dated Eurobonds, including the 7.625% bond maturing on November 28, 2047, and the 9.248% bond due on January 21, 2049, are yielding 10.7% and 10.6%, respectively, with prices of $73.23 and $87.17. The 8.25% bond maturing on September 28, 2051, is trading at $77.20, yielding 10.8%.
Overall, the high yields on FGN Eurobonds indicate investors’ demand for higher returns amid prevailing market conditions.
