‘$1b Eurobonds offer excites investors’


Investors are lining up to buy $1 billion dollar bonds that Nigeria is expected to issue in the coming months despite the poor state of the economy.

The naira is currently facing serious pressure against the dollar while low oil prices has triggered budget shortfalls. On the face of it, the $1 billion of bonds Nigeria hopes to sell by the end of March might seem unattractive, especially at a time sentiment towards African debt has soured after Mozambique missed a coupon payment.

But investors hungry for higher returns in a low interest rate environment reckon Nigeria’s benign debt levels, recovering foreign exchange reserves and a potential yield above seven per cent are reasons enough to look beyond the country’s economic woes.

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