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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 31 6 220 439 578 000
USD 5 3 300 000 000
municipal
NGN 23 509 850 000 000
corporate
NGN 29 322 317 000 000
USD 22 8 480 000 000
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
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 13.817 20sep2019 - Domestic bonds 13.817% 160 040 000  NGN 09/15/2017 09/20/2019
Nigeria, FGN 14.817 20sep2020 - Domestic bonds 14.817% 252 660 000  NGN 09/15/2017 09/20/2020
Nigeria, FGN 13.535 16aug2019 - Domestic bonds NGFGS2019100 13.535% 215 640 000  NGN 08/11/2017 08/16/2019
Nigeria, FGN 14.535 16aug2020 - Domestic bonds NGFGS2020116 14.535% 522 500 000  NGN 08/11/2017 08/16/2020
Nigeria, FGN 13.386 12jul2019 - Domestic bonds NGFGS2019S84 13.386% 160 770 000  NGN 07/07/2017 07/12/2019
Nigeria, FGN 14.386 12jul2020 - Domestic bonds NGFGS2020S99 14.386% 239 803 000  NGN 07/07/2017 07/12/2020
Nigeria, 5.625% 27jun2022, USD - International bonds US65412AEK43 5.625% 300 000 000  USD 06/19/2017 06/27/2022
Nigeria, FGN 13.189 14jun2019 - Domestic bonds NGFGS2019S68 13.189% 271 560 000  NGN 06/09/2017 06/14/2019

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: 10/20/2017 10/19/2017 10/18/2017 10/17/2017 10/16/2017 10/13/2017 10/12/2017
Exchange Rates (Emerging Markets)
USD/NGN 360.6440 358.6860 358.8970 359.9350 358.9560 358.7300 359.9630
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Macroeconomic Indicators (World economy)

Monthly indices

Type Aug 2017 Jul 2017 Jun 2017 May 2017 Apr 2017 Mar 2017 Feb 2017
Inflation Rate (World), % to the same period of the previous year
Inflation Rate (Nigeria) 16.01 16.05 16.10 16.25 17.24 17.26 17.78
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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, 6.750% 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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countries
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