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Nigeria: bonds

Nigeria has the second largest economy in sub-Saharan Africa. Overall, despite the negative effects of the global financial crisis in recent periods, Nigeria’s economy has continued to experience significant GDP growth.
Real GDP grew 7.53 per cent. in the first half of 2010, 6.96 per cent. in 2009, 5.98 per cent. in 2008 and 6.45 per cent. in 2007. This growth was largely attributable to the continued growth in non-oil GDP, which grew 8.32 per cent. in 2009, 8.95 per cent. in 2008 and 9.52 per cent. in 2007. Overall GDP growth for 2010 is estimated at 7.85 per cent. The Government plans to reinforce economic growth in future periods by encouraging non-oil private sector growth, which it plans to facilitate through the implementation of its Vision 20:2020 plan.
Public debt management is considered to be strategic in Nigeria, and became widely accepted as such when Nigeria’s debt became unsustainable and a constraint on economic growth in the 1990s and early 2000s. In recognition of this, the Government established the DMO to serve as a central body for managing public debt. According to the DMO, as at 31 December 2010, Nigeria’s external debt was US$4.8 billion (provisional), of which US$2.8 billon (provisional) was owed by the Federal Government and US$1.9 billion (provisional) was owed by State Governments and guaranteed by the Federal Government. Further, the Government had N4.5 trillion (provisional), approximately US$29.8 billion, in domestic debt outstanding as at 31 December 2010. Additionally, in December 2010, the Federal Government entered into a US$899.5 million credit facility agreement with the Export-Import Bank of China to fund certain infrastructure projects. Drawdowns under the facility are tied to project completion milestones and as at 31 December 2010 no amounts had been drawn.

Outstanding bond issues

Сurrency Outstanding bond issues Cumulative volume
sovereign
NGN 102 15 718 532 773 000
USD 12 11 170 280 200
municipal
NGN 18 393 850 000 000
corporate
NGN 24 280 737 000 000
USD 19 7 255 000 000
CHF 1 100 000 000

Sovereign rating

Rating AgencyRatingRating scaleDate
Dagong Global *** International scale rating (foreign curr.) ***
Dagong Global *** International scale rating (local curr.) ***
Organisation for Economic Co-operation and Development (OECD) *** Country Risk Classifications ***
Moody's Investors Service *** LT- foreign currency ***
Moody's Investors Service *** LT- local currency ***
S&P Global Ratings *** Foreign Currency LT ***
S&P Global Ratings *** Local Currency LT ***
Fitch Ratings *** LT Int. Scale (foreign curr.) ***
Fitch Ratings *** LT Int. Scale (local curr.) ***
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Latest bond issues

issue ISIN coupon volume end of placement maturity date
Nigeria, 7.625% 21nov2025, USD - International bonds XS1910826996 7.625% 1 118 352 000  USD 11/14/2018 11/21/2025
Nigeria, 8.747% 21jan2031, USD - International bonds XS1910827887 8.747% 1 000 000 000  USD 11/14/2018 01/21/2031
Nigeria, 9.248% 21jan2049, USD - International bonds XS1910828182 9.248% 750 000 000  USD 11/14/2018 01/21/2049
Nigeria, 12.75% 27apr2023, NGN - International bonds XS1829198453 12.75%   NGN 04/25/2018 04/27/2023
Seplat Petroleum Development, 9.25% 1apr2023, USD - International bonds XS1789190243 9.25% 350 000 000  USD 03/12/2018 04/01/2023
Nigeria, 13.98% 23feb2028, NGN - International bonds XS1785467835 13.98%   NGN 02/21/2018 02/23/2028
Nigeria, 7.143% 23feb2030, USD - International bonds XS1777972511 7.143% 1 250 000 000  USD 02/15/2018 02/23/2030
Nigeria, 7.696% 23feb2038, USD - International bonds XS1777972941 7.696% 1 250 000 000  USD 02/15/2018 02/23/2038
Nigeria, 6.5% 28nov2027, USD - International bonds XS1717011982 6.5% 1 500 000 000  USD 11/20/2017 11/28/2027
Nigeria, 7.625% 28nov2047, USD - International bonds XS1717013095 7.625% 1 500 000 000  USD 11/20/2017 11/28/2047

World Bond market statistics

Quarterly indices

Type: I 2018 IV 2017 III 2017 II 2017 I 2017 IV 2016 III 2016
BIS volume of international-bond market of emerging countries
[10301] Nigerian international bonds, USD bln 15.800 13.900 9.900 10.100 9.000 8.100 7.600
BIS net issues of international-bond market of emerging countries
[10535] International-bond net issue of Nigeria, USD bln 1.900 4.100 -0.300 2.800 1.000 0.600 0.100

New issues of Emerging markets International Bonds

Yearly indices

Type: 2017 2016 2015 2014
Annual new International Bonds issues (Africa)
[19829] Annual new issues of Nigeria sovereign international bonds, USD bln 4.800 0.000 0.000 0.000
[19875] Annual new issues of Nigeria corporate international bonds, USD bln 2.095 1.202 0.750 2.300
[19921] Annual new issues of Nigeria corporate international bonds, (financial sector) USD bln 2.095 0.402 0.750 1.750
[19967] Annual new issues of Nigeria corporate international bonds, (non-financial sector) USD bln 0.000 0.800 0.000 0.550

Emerging Markets International Bonds

Monthly indices

Type: Nov 2018 Oct 2018 Sep 2018 Aug 2018 Jul 2018 Jun 2018 May 2018
Volume of African International Bonds Markets
[21795] Nigeria international bonds, USD bln 18.001 15.409 15.411 15.413 15.711 16.210 16.211
[21841] Nigeria corporate international bonds, USD bln 6.831 7.107 7.109 7.111 7.409 7.408 7.409
[21887] Nigeria sovereign international bonds, USD bln 11.170 8.302 8.302 8.302 8.302 8.802 8.802
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Currencies

Daily indices

Type: 12/13/2018 12/12/2018 12/11/2018 12/10/2018 12/07/2018 12/06/2018 12/05/2018
Exchange Rates (Emerging Markets)
[12615] USD/NGN 364.5090 364.5005 362.9991 363.0709 363.2764 364.0096 363.0234
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JP Morgan

Daily indices

Type: 10/30/2013 10/29/2013 10/28/2013 10/25/2013 10/24/2013 10/23/2013 10/22/2013
EMBI Global (publication was suspended since 30.10.2013) 
[3099] EMBI Global Nigeria * * * * * * *
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Bonds prices

issue volume maturity date bid prices ask prices
date bid price yield date ask price yield
Nigeria, 5.125% 12jul2018, USD   USD 07/12/2018 05/18/2016 **.* *.** 05/18/2016 *** *.**
Nigeria, 6.375% 12jul2023, USD   USD 07/12/2023 05/18/2016 **.** *.** 05/18/2016 **.** *.**
Nigeria, 6.75% 28jan2021, USD   USD 01/28/2021 05/18/2016 ** *.** 05/18/2016 **.** *
Access Bank Plc, 7.25% 25jul2017, USD   USD 07/25/2017 05/18/2016 **.** *.** 05/18/2016 **.** *.*
Access Bank Plc, 9.25% 24jun2021, USD   USD 06/24/2021 05/18/2016 **.** * 05/18/2016 ** *
Afren, 10.25% 8apr2019, USD   USD 04/08/2019 05/18/2016 *.** ***.** 05/18/2016 *.** ***.**
Afren, 6.625% 9dec2020, USD   USD 12/09/2020 05/18/2016 *.** ***.** 05/18/2016 *.** ***.**
Africa Finance Corporation, 4.375% 29apr2020, USD   USD 04/29/2020 05/18/2016 ***.* * 05/18/2016 *** *.**
Diamond Bank, 8.75% 21may2019, USD   USD 05/21/2019 05/18/2016 ** **.** 05/18/2016 **.* **.**
Ecobank (Nigeria), 8.75% 14aug2021, USD   USD 08/14/2021 05/18/2016 **.** **.** 05/18/2016 **.** **.**
Fidelity Bank, 6.875% 9may2018, USD   USD 05/09/2018 05/18/2016 **.*** **.* 05/18/2016 **.* **.**
First Bank of Nigeria, 8% 23jul2021, USD   USD 07/23/2021 05/18/2016 **.** **.** 05/18/2016 **.** **.**
First Bank of Nigeria, 8.25% 7aug2020, USD   USD 08/07/2020 05/18/2016 **.* **.** 05/18/2016 **.* **.**
Guaranty Trust Bank, 6% 8nov2018, USD   USD 11/08/2018 05/18/2016 **.* *.** 05/18/2016 **.* *.**
Guaranty Trust Bank, 7.50% 19may2016, USD   USD 05/19/2016 05/18/2016 **.** ****.** 05/18/2016 ***.** *
IHS Towers NG (Hellios Tower), 8.375% 15jul2019, USD   USD 07/15/2019 05/18/2016 **.** **.** 05/18/2016 **.** **.**
Sea Trucks Group, 9% 26mar2018, USD   USD 03/26/2018 05/18/2016 ** ***.** 05/18/2016 ** ***.**
Seven Energy, 10.25% 11oct2021, USD   USD 10/11/2021 05/18/2016 **.*** **.** 05/18/2016 **.** **.**
Zenith Bank, 6.25% 22apr2019, USD   USD 04/22/2019 05/18/2016 **.* *.** 05/18/2016 **.* *.**
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