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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 150 22 123 314 521 000
USD 12 11 170 280 200
municipal
NGN 18 431 990 000 000
corporate
NGN 33 409 605 214 000
USD 16 6 955 000 000
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
IHS Holding, 7.125% 18mar2025, USD - International bonds XS2051105778 7.125% 500 000 000  USD 09/10/2019 03/18/2025
IHS Holding, 8% 18sep2027, USD - International bonds XS2051106073 8% 800 000 000  USD 09/10/2019 09/18/2027
Nigeria, 0% 2jul2020, NGN (364D) - International bonds XS2026817358 0%   NGN 07/04/2019 07/02/2020
Africa Finance Corporation, 4.375% 17apr2026, USD - International bonds XS1983289791 4.375% 650 000 000  USD 04/10/2019 04/17/2026
Nigeria, 0% 2apr2020, NGN (364D) - International bonds XS1982725316 0%   NGN 04/03/2019 04/02/2020
Nigeria, 0% 27feb2020, NGN (364D) - International bonds XS1963594863 0%   NGN 02/28/2019 02/27/2020
Nigeria, 0% 20feb2020, NGN (364D) - International bonds XS1960048400 0%   NGN 02/21/2019 02/20/2020
Nigeria, 0% 6feb2020, NGN (364D) - International bonds XS1960045489 0%   NGN 02/07/2019 02/06/2020
Nigeria, 0% 16jan2020, NGN (365D) - International bonds XS1940128967 0%   NGN 01/16/2019 01/16/2020
Nigeria, 7.625% 21nov2025, USD - International bonds XS1910826996 7.625% 1 118 352 000  USD 11/14/2018 11/21/2025

Свалка

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 Nigeria 307 310 305 306 305 305 310
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Forex

Daily indices

Type: 10/22/2019 10/21/2019 10/18/2019 10/17/2019 10/16/2019 10/15/2019 10/14/2019
FOREX rates
[12615] USD/NGN 361.9821 361.9744 362.1244 361.9634 361.9447 361.5556 362.2985
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International bonds outstanding volume

Monthly indices

Type: Sep 2019 Aug 2019 Jul 2019 Jun 2019 May 2019 Apr 2019 Mar 2019
Africa international bonds outstanding volume
[21795] Nigeria international bonds, USD bln 17.545 16.639 16.496 17.703 17.651 17.849 18.001
[21841] Nigeria corporate international bonds, USD bln 6.375 5.469 5.326 6.533 6.481 6.679 6.831
[21887] Nigeria sovereign international bonds, USD bln 11.170 11.170 11.170 11.170 11.170 11.170 11.170
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New international bonds volume

Yearly indices

Type: 2018 2017 2016 2015 2014
Africa new international bonds volume
[19829] Annual new issues of Nigeria sovereign international bonds, USD bln 5.368 4.800 0.000 0.000 0.000
[19875] Annual new issues of Nigeria corporate international bonds, USD bln 0.350 2.095 1.202 0.750 2.300
[19921] Annual new issues of Nigeria corporate international bonds, (financial sector) USD bln 0.000 2.095 0.402 0.750 1.750
[19967] Annual new issues of Nigeria corporate international bonds, (non-financial sector) USD bln 0.350 0.000 0.800 0.000 0.550
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