Nigeria’s long-dated Eurobonds opened October with yields above 8 per cent, reflecting the return investors are demanding on the country’s longer-term dollar-denominated debt, data from the Debt Management Office (DMO) shows.
The 10.375 per cent US$1.5 billion December 2034 Eurobond recorded a yield of 8.191 per cent, while the 8.631 per cent US$1.25 billion January 2036 Eurobond yielded 8.169 per cent.
Similarly, the 7.696 per cent US$1.25 billion February 2038 Eurobond recorded a yield of 8.175 per cent, while the 9.129 per cent US$1.1 billion January 2046 Eurobond yielded 8.643 per cent.
The yield was also above 8 per cent for the November 2047, January 2049 and September 2051 Eurobonds.
The 7.625 per cent US$1.5 billion November 2047 Eurobond recorded a yield of 8.537 per cent, while the 9.248 per cent US$750 million January 2049 Eurobond yielded 8.605 per cent.
The 8.25 per cent US$1.25 billion September 2051 Eurobond, the longest-dated security in the DMO data, recorded the highest yield at 8.757 per cent.
At the shorter end of the curve, the 6.5 per cent US$1.5 billion November 2027 Eurobond traded at US$100.215, with a yield of 6.293 per cent.
The 6.125 per cent US$1.25 billion September 2028 Eurobond yielded 6.699 per cent, while the 8.375 per cent US$1.25 billion March 2029 Eurobond recorded a yield of 7.017 per cent.
The February 2030 Eurobond yielded 7.311 per cent, while the January and June 2031 securities recorded yields of 7.480 per cent and 7.301 per cent, respectively.
Overall, the yields on the 15 Eurobonds tracked by the DMO ranged from 6.293 per cent to 8.757 per cent as at October 1, giving a spread of about 2.46 percentage points between the lowest and highest yields.
The DMO data also show significant differences in the market prices of the securities. The December 2034 Eurobond traded at US$112.808, the highest price in the table, while the November 2047 bond traded at US$91.128, the lowest.