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 22 5 832 440 055 000
USD 4 3 000 000 000
municipal
NGN 22 547 850 000 000
corporate
NGN 30 406 807 441 700
USD 20 7 430 000 000
CHF 1 100 000 000

Sovereign rating

Rating AgencyRatingRating scaleDate
Dagong Credit *** International scale rating (foreign curr.) ***
Dagong Credit *** 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.) ***
National Rating Agency *** Global scale ***
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Latest bond issues

issue ISIN coupon volume end of placement maturity date
Africa Finance Corporation, 3.875% 13apr2024, USD - International bonds XS1598047550 3.875% 500 000 000  USD 04/06/2017 04/13/2024
Nigeria, 7.875% 16feb2032, USD - International bonds XS1566179039 7.875% 1 500 000 000  USD 03/29/2017 02/16/2032
Africa Finance Corporation, FRN 15mar2021, USD - International bonds XS1578768050 3M LIBOR USD + 1.7% 45 000 000  USD 03/08/2017 03/15/2021
Africa Finance Corporation, FRN 24jan2020, USD - International bonds XS1554456704 6M LIBOR USD + 2% 150 000 000  USD 01/17/2017 01/24/2020
Access Bank Plc, 10.5% 19oct2021, USD - International bonds XS1506648887 10.5% 300 000 000  USD 10/13/2016 10/19/2021
IHS Holding, 9.5% 27oct2021, USD - International bonds XS1505674751 9.5% 800 000 000  USD 10/12/2016 10/27/2021
Africa Finance Corporation, 0.85% 27dec2019, CHF - International bonds CH0330049856 0.85% 100 000 000  CHF 07/13/2016 12/27/2019
Africa Finance Corporation, 4.375% 29apr2020, USD - International bonds XS1225008538 4.375% 750 000 000  USD 04/22/2015 04/29/2020
Seven Energy, 10.25% 11oct2021, USD - International bonds XS1093755194 10.25% 300 000 000  USD 10/02/2014 10/11/2021
Ecobank (Nigeria), 8.75% 14aug2021, USD - International bonds XS1093771639 8.75% 200 000 000  USD 08/07/2014 08/14/2021

World Bond market statistics

Quarterly indices

Type IV 2016 III 2016 II 2016 I 2016 IV 2015 III 2015 II 2015
BIS volume of international-bond market of emerging countries
Nigerian international bonds, USD bln 8.100 7.600 7.500 7.600 7.600 7.600 7.600
BIS net issues of international-bond market of emerging countries
International-bond net issue of Nigeria, USD bln 0.600 0.100   0.000 0.000 0.000 1.300

Currencies

Daily indices

Type: 05/19/2017 05/18/2017 05/17/2017 05/16/2017 05/15/2017 05/12/2017 05/11/2017
Exchange Rates (Emerging Markets)
USD/NGN 315.0540 316.1340 316.0780 316.2820 316.1470 315.7210 315.3960
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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) 
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, 6.750% 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, 10.250% 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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