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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 153 23 057 090 121 000
USD 12 11 170 280 200
municipal
NGN 19 451 990 000 000
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, TB 20aug2020 346d - Domestic bonds 0% 181 361 000  NGN 09/09/2019 08/20/2020
Nigeria, FGNSB 11.15 11sep2021 - Domestic bonds 11.15% 91 112 000 000  NGN 09/06/2019 09/11/2021
Nigeria, FGNSB 12.15 11sep2022 - Domestic bonds 12.15% 204 827 000 000  NGN 09/06/2019 09/11/2022
Nigeria, TB 3sep2020 364d - Domestic bonds 0% 321 484 793 000  NGN 09/05/2019 09/03/2020
Nigeria, TB 27aug2020 363d - Domestic bonds 0% 216 748 655 000  NGN 08/30/2019 08/27/2020
Nigeria, NTB 27aug2020 12m - Domestic bonds 0% 145 475 021 000  NGN 08/28/2019 08/27/2020
Nigeria, TB 13aug2020 364d - Domestic bonds 0% 87 965 331 000  NGN 08/15/2019 08/13/2020
Nigeria, FGNSB 10.301 16aug2021 - Domestic bonds NGFGS2021585 10.301% 81 030 000  NGN 08/09/2019 08/16/2021

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: 09/13/2019 09/12/2019 09/11/2019 09/10/2019 09/09/2019 09/06/2019 09/05/2019
FOREX rates
[12615] USD/NGN 362.9187 362.9196 362.9195 362.9211 362.9197 362.2486 362.9197
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GDP

Yearly indices

Type: 2017 2016 2015 2014
Government debt-to-GDP (Africa)
[15327] Government Debt to GDP(Nigeria) 18.20 18.60 11.50 10.60

Historical yields

Daily indices

Type: 09/13/2019 09/12/2019 09/11/2019 09/10/2019 09/09/2019 09/06/2019 09/05/2019
10Y Government Bond Yields, Africa
[24275] Nigeria 10Y YTM 14.296 14.290 14.261 14.293 14.333 14.304 14.235
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International bonds outstanding volume

Monthly indices

Type: Aug 2019 Jun 2019 May 2019 Apr 2019 Mar 2019 Feb 2019 Jan 2019
Africa international bonds outstanding volume
[21795] Nigeria international bonds, USD bln 16.639 17.703 17.651 17.849 18.001 18.001 18.002
[21841] Nigeria corporate international bonds, USD bln 5.469 6.533 6.481 6.679 6.831 6.831 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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Inflation

Monthly indices

Type: Jul 2019 Jun 2019 May 2019 Apr 2019 Mar 2019 Feb 2019 Jan 2019
Inflation (Africa)
[15685] Inflation Rate (Nigeria) 11.08 11.22 11.40 11.37 11.25 11.31 11.37
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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

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 **.** **.**
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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