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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 60 7 132 191 178 000
USD 9 8 301 928 200
municipal
NGN 20 425 850 000 000
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, FGNSB 11.364 12sep2020 - Domestic bonds NGFGS2020363 11.364% 91 562 000  NGN 09/07/2018 09/12/2020
Nigeria, FGNSB 12.364 12sep2021 - Domestic bonds NGFGS2021379 12.364% 549 399 000  NGN 09/07/2018 09/12/2021
Nigeria, FGNSB 10.668 15aug2020 - Domestic bonds NGFGS2020348 10.668% 49 327 000  NGN 08/10/2018 08/15/2020
Nigeria, FGNSB 11.668 15aug2021 - Domestic bonds NGFGS2021353 11.668% 176 515 000  NGN 08/10/2018 08/15/2021
Nigeria, FGNSB 10.483 11jul2020 - Domestic bonds NGFGS2020322 10.483% 79 985 000  NGN 07/06/2018 07/11/2020
Nigeria, FGNSB 11.483 11jul2021 - Domestic bonds NGFGS2021338 11.483% 263 065 000  NGN 07/06/2018 07/11/2021
Nigeria, FGNSB 10.34 13jun2020 - Domestic bonds NGFGS2020306 10.34% 50 754 000  NGN 06/08/2018 06/13/2020
Nigeria, FGNSB 11.34 13jun2021 - Domestic bonds NGFGS2021312 11.34% 317 533 000  NGN 06/08/2018 06/13/2021
Nigeria, FGNSB 10.48 16may2021 - Domestic bonds NGFGS2021296 10.48% 157 190 000  NGN 05/11/2018 05/16/2021
Nigeria, FGNSB 9.48 16may2020 - Domestic bonds NGFGS2020280 9.48% 21 440 000  NGN 05/11/2018 05/16/2020

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
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
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)
Annual new issues of Nigeria sovereign international bonds, USD bln 4.800 0.000 0.000 0.000
Annual new issues of Nigeria corporate international bonds, USD bln 2.095 1.202 0.750 2.300
Annual new issues of Nigeria corporate international bonds, (financial sector) USD bln 2.095 0.402 0.750 1.750
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 Oct 2018 Sep 2018 Aug 2018 Jul 2018 Jun 2018 May 2018 Apr 2018
Volume of African International Bonds Markets
Nigeria international bonds, USD bln 15.409 15.411 15.413 15.711 16.210 16.211 16.255
Nigeria corporate international bonds, USD bln 7.107 7.109 7.111 7.409 7.408 7.409 7.453
Nigeria sovereign international bonds, USD bln 8.302 8.302 8.302 8.302 8.802 8.802 8.802
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Currencies

Daily indices

Type: 11/16/2018 11/15/2018 11/14/2018 11/13/2018 11/12/2018 11/09/2018 11/08/2018
Exchange Rates (Emerging Markets)
USD/NGN 363.0724 363.0266 362.9987 363.0315 363.1479 363.2308 362.9988
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Macroeconomic Indicators (World economy)

Monthly indices

Type Sep 2018 Aug 2018 Jul 2018 Jun 2018 May 2018 Apr 2018 Mar 2018
Inflation Rate (World), % to the same period of the previous year
Inflation Rate (Nigeria) 11.28 11.23 11.14 11.23 11.61 12.48 13.34
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Yearly indices

Type 2017 2016 2015 2014
Government Debt to GDP (World), %
Government Debt to GDP(Nigeria) 21.30 18.60 11.50 10.60

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, 6.75% 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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