Nigeria

Nigeria has picked three banks to manage its first sovereign trade since July 2013.

Nigeria has picked three banks to manage its first sovereign trade since July 2013.

While Access Bank safely landed its dollar Eurobond last week, the outlook for Nigerian banks seeking new loans is cloudy.

IHS Nigeria printed the largest ever deal from an African sub-investment grade issuer on Wednesday, raising $800m with a five year non-call two. The deal is testimony to Africa’s improving infrastructure scene, and sets a strong tone for Access Bank, which finished roadshows this week.

IHS Nigeria printed the largest ever deal from an African sub-investment grade issuer on Wednesday, raising $800m with a five year non-call two trade. The deal marks a success for Africa’s improving infrastructure story.

IHS Nigeria was on track to print its five year non-call deal on Tuesday having circulated initial price thoughts at mid-9% area.

Kemi Adeosun, the finance minister of Nigeria, has attacked the “hypocrisy” of Western governments in stopping developing countries accessing development bank finance for coal power.

After a two year absence from the capital markets, two Nigerian corporate issuers are lining up to test investor demand for sub-Saharan Africa high yield credit.

Nigerian banks may have to pay at least 6% for one year loan funding, according to two bankers, as a number of the country's financial borrowers face maturing deals in the fourth quarter.

A slip-up by Ghana last week has done little to derail investor appetite for African credit and with the low rate environment set to continue, bankers expect no letup in the voracious bid for Africa, which is good news for those sovereigns already lining up trades.

CEEMEA primary markets have finally become a victim of the summer heat but there’s no snoozing on the beach for syndicate bankers. Planning for the second half of the year has already started in earnest.

Nigeria sent out a request for proposals on Monday for a $1bn bond and has asked for responses by September 19.