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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 35 6 495 480 998 000
USD 7 6 300 000 000
municipal
NGN 23 509 850 000 000
corporate
NGN 29 331 377 000 000
USD 22 8 480 000 000
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.) ***
National Rating Agency *** Global scale ***
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Latest bond issues

issue ISIN coupon volume end of placement maturity date
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
Nigeria, FGNSB 12.091 15nov2019 - Domestic bonds NGFGS2019167 12.091% 72 420 000  NGN 11/06/2017 11/15/2019
Nigeria, FGNSB 13.091 15nov2020 - Domestic bonds NGFGS2020173 13.091% 183 810 000 000  NGN 11/06/2017 11/15/2020
Nigeria, 0% 18oct2018, NGN (365D) - International bonds XS1707063746 0% 0  NGN 10/18/2017 10/18/2018
Fidelity Bank, 10.5% 16oct2022, USD - International bonds XS1692930404 10.5% 400 000 000  USD 10/11/2017 10/16/2022
Nigeria, FGN 12.059 18oct2019 - Domestic bonds NGFGS2019142 12.059% 115 000 000  NGN 10/09/2017 10/18/2019
Nigeria, FGN 13.059 18octr2020 - Domestic bonds NGFGS2020157 13.059% 274 000 000  NGN 10/09/2017 10/18/2020
Nigeria, FGN 13.817 20sep2019 - Domestic bonds NGFGS2019126 13.817% 160 040 000  NGN 09/15/2017 09/20/2019
Nigeria, FGN 14.817 20sep2020 - Domestic bonds NGFGS2020132 14.817% 252 660 000  NGN 09/15/2017 09/20/2020

World Bond market statistics

Quarterly indices

Type I 2017 IV 2016 III 2016 II 2016 I 2016 IV 2015 III 2015
BIS volume of international-bond market of emerging countries
Nigerian international bonds, USD bln 9.000 8.100 7.600 7.500 7.600 7.600 7.600
BIS net issues of international-bond market of emerging countries
International-bond net issue of Nigeria, USD bln 1.000 0.600 0.100   0.000 0.000 0.000

Currencies

Daily indices

Type: 12/14/2017 12/13/2017 12/12/2017 12/11/2017 12/08/2017 12/07/2017 12/06/2017
Exchange Rates (Emerging Markets)
USD/NGN 361.2030 359.5530 359.5050 359.5130 360.4920 360.4150 359.9980
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Macroeconomic Indicators (World economy)

Monthly indices

Type Oct 2017 Sep 2017 Aug 2017 Jul 2017 Jun 2017 May 2017 Apr 2017
Inflation Rate (World), % to the same period of the previous year
Inflation Rate (Nigeria) 15.91 15.98 16.01 16.05 16.10 16.25 17.24
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Yearly indices

Type 2016 2015 2014
Government Debt to GDP (World), %
Government Debt to GDP(Nigeria) 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, 10.250% 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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150 000
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countries
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