The Federal Government of Nigeria (FGN) Eurobonds continued to trade at yields above 8% as of Friday, August 23, 2024, reflecting the ongoing demand and market conditions.
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The 7.625% Eurobond maturing on November 21, 2025, with a time to maturity (TTM) of 1.25 years, saw a price increase to $99.38, resulting in a yield of 8.1%, a decrease of 0.25 percentage points (ppt) from the previous week.
The 6.50% Eurobond maturing on November 28, 2027, with a TTM of 3.27 years, was priced at $91.67, yielding 9.5%, down by 0.18 ppt.
The 6.125% Eurobond due September 28, 2028, with a TTM of 4.10 years, traded at $88.43, yielding 9.6%, a drop of 0.25 ppt.
The 8.375% Eurobond maturing on March 24, 2029, with a TTM of 4.59 years, saw its price rise to $94.86, pushing the yield to 9.8%, down by 0.29 ppt.
The 7.143% Eurobond due February 23, 2030, with a TTM of 5.51 years, was priced at $88.17, resulting in a yield of 10.0%, down by 0.23 ppt.
Longer-term bonds also reflected strong yields:
The 7.696% Eurobond maturing on February 23, 2038, with a TTM of 13.51 years, traded at $78.25, yielding 10.8%, down by 0.22 ppt.
The 8.25% Eurobond due September 28, 2051, with a TTM of 27.12 years, was priced at $76.52, yielding 11.0%, a decrease of 0.13 ppt.
This trend in FGN Eurobonds reflects investors’ ongoing interest, with yields remaining attractive despite slight declines in yield across various maturities.
