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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

Moneda Outstanding bond issues Cumulative volume
Soberano
NGN 51 6 906 122 565 000
USD 9 8 301 928 200
Municipal
NGN 22 484 850 000 000
Corporativo
NGN 28 323 367 000 000
USD 20 7 655 000 000
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 10.483 11jul2020 - Bonos locales NGFGS2020322 10.483% 79 985 000  NGN 06/07/18 11/07/20
Nigeria, FGNSB 11.483 11jul2021 - Bonos locales NGFGS2021338 11.483% 263 065 000  NGN 06/07/18 11/07/21
Nigeria, FGNSB 10.34 13jun2020 - Bonos locales NGFGS2020306 10.34% 50 754 000  NGN 08/06/18 13/06/20
Nigeria, FGNSB 11.34 13jun2021 - Bonos locales NGFGS2021312 11.34% 317 533 000  NGN 08/06/18 13/06/21
Nigeria, FGN 12.75 27apr2023 - Bonos locales NGFG152023S1 12.75% 45 280 000 000  NGN 25/04/18 27/04/23
Nigeria, 12.75% 27apr2023, NGN - Bonos internacionales XS1829198453 12.75%   NGN 25/04/18 27/04/23
Nigeria, FGNSB 10.75 18apr2020 - Bonos locales NGFGS2020264 10.75% 64 920 000  NGN 13/04/18 18/04/20
Nigeria, FGNSB 11.75 18apr2021 - Bonos locales NGFGS2021270 11.75% 129 010 000  NGN 13/04/18 18/04/21
Nigeria, FGN 13.53 23mar2025 - Bonos locales NGFG152025S6 13.53% 36 810 000 000  NGN 21/03/18 23/03/25
Seplat Petroleum Development, 9.25% 1apr2023, USD - Bonos internacionales XS1789190243 9.25% 350 000 000  USD 12/03/18 01/04/23

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 Jul 2018 Jun 2018 May 2018 Apr 2018 Apr 2018 Mar 2018 Feb 2018
African International Bonds Markets
Nigeria international bonds, USD bln 15.711 16.210 16.211 16.255 16.255 16.259 16.222
Nigeria corporate international bonds, USD bln 7.409 7.408 7.409 7.453 7.455 7.457 7.420
Nigeria sovereign international bonds, USD bln 8.302 8.802 8.802 8.802 8.800 8.802 8.802
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Currencies

Daily indices

Type: 16/08/18 15/08/18 14/08/18 13/08/18 10/08/18 09/08/18 08/08/18
Exchange Rates (Emerging Markets)
USD/NGN 361.4200 362.9800 359.7560 362.4410 362.2920 362.9580 362.3460
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Macroeconomic Indicators (World economy)

Monthly indices

Type Jun 2018 May 2018 Apr 2018 Mar 2018 Feb 2018 Jan 2018 Dec 2017
Inflation Rate (World), % to the same period of the previous year
Inflation Rate (Nigeria) 11.23 11.61 12.48 13.34 14.33 15.13 15.37
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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: 30/10/13 29/10/13 28/10/13 25/10/13 24/10/13 23/10/13 22/10/13
EMBI Global (publication was suspended since 30.10.2013) 
EMBI Global Nigeria * * * * * * *
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Cotizaciones

issue volume maturity date bid prices ask prices
date bid price yield date ask price yield
Nigeria, 5.125% 12jul2018, USD   USD 12/07/18 18/05/16 **.* *.** 18/05/16 *** *.**
Nigeria, 6.375% 12jul2023, USD   USD 12/07/23 18/05/16 **.** *.** 18/05/16 **.** *.**
Nigeria, 6.75% 28jan2021, USD   USD 28/01/21 18/05/16 ** *.** 18/05/16 **.** *
Access Bank Plc, 7.25% 25jul2017, USD   USD 25/07/17 18/05/16 **.** *.** 18/05/16 **.** *.*
Access Bank Plc, 9.25% 24jun2021, USD   USD 24/06/21 18/05/16 **.** * 18/05/16 ** *
Afren, 10.250% 8apr2019, USD   USD 08/04/19 18/05/16 *.** ***.** 18/05/16 *.** ***.**
Afren, 6.625% 9dec2020, USD   USD 09/12/20 18/05/16 *.** ***.** 18/05/16 *.** ***.**
Africa Finance Corporation, 4.375% 29apr2020, USD   USD 29/04/20 18/05/16 ***.* * 18/05/16 *** *.**
Diamond Bank, 8.75% 21may2019, USD   USD 21/05/19 18/05/16 ** **.** 18/05/16 **.* **.**
Ecobank (Nigeria), 8.75% 14aug2021, USD   USD 14/08/21 18/05/16 **.** **.** 18/05/16 **.** **.**
Fidelity Bank, 6.875% 9may2018, USD   USD 09/05/18 18/05/16 **.*** **.* 18/05/16 **.* **.**
First Bank of Nigeria, 8% 23jul2021, USD   USD 23/07/21 18/05/16 **.** **.** 18/05/16 **.** **.**
First Bank of Nigeria, 8.25% 7aug2020, USD   USD 07/08/20 18/05/16 **.* **.** 18/05/16 **.* **.**
Guaranty Trust Bank, 6% 8nov2018, USD   USD 08/11/18 18/05/16 **.* *.** 18/05/16 **.* *.**
Guaranty Trust Bank, 7.50% 19may2016, USD   USD 19/05/16 18/05/16 **.** ****.** 18/05/16 ***.** *
IHS Towers NG (Hellios Tower), 8.375% 15jul2019, USD   USD 15/07/19 18/05/16 **.** **.** 18/05/16 **.** **.**
Sea Trucks Group, 9% 26mar2018, USD   USD 26/03/18 18/05/16 ** ***.** 18/05/16 ** ***.**
Seven Energy, 10.25% 11oct2021, USD   USD 11/10/21 18/05/16 **.*** **.** 18/05/16 **.** **.**
Zenith Bank, 6.25% 22apr2019, USD   USD 22/04/19 18/05/16 **.* *.** 18/05/16 **.* *.**
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