Nigeria
-
Savannah Petroleum, the UK oil and gas company focusing on African exploration, has announced a range of 40p to 50p a share for a follow-on share placing to fund its acquisition of the Nigerian oil and gas assets of Seven Energy. -
Nigeria is expected to become only the fourth sovereign globally — and the first in Africa — to issue green bonds, by selling a $30m-equivalent five year or longer naira government bond next week.
-
Nigeria issued a dual tranche 10 and 30 year Eurobond this week that traded up between two and three cash points, as emerging markets (EM) assets recovered after a recent wobble.
-
Investors in emerging market bonds were in a celebratory mood this week as the asset class rallied back following losses last week.
-
Nigeria made full use of perfect funding conditions this week to print 30 year debt well inside what it paid for a 15 year bond earlier this year, drawing an impressive $11.4bn book in the process.
-
Orders for Nigeria’s 10 and 30 year bond issue had reached $5.5bn on Monday morning. The 10 year portion is likely to take the most orders, but the 30 year tranche is piquing interest, according to deal watchers.
-
Nigeria’s plans to issue the longest ever sub-Saharan African Eurobond outside of South Africa will be a canary in the coal mine for frontier market issuers looking to extend their curves, according to EM analysts. Virginia Furness reports.
-
Nigeria is set to test investors next week with the equal longest sub-Saharan African Eurobond after receiving approval to issue up to $5.5bn in its budget for 2017 on Tuesday.
-
Despite the end of the year fast approaching, and Venezuela’s debt saga challenging buy-side patience, investors have at least one more major test with Nigeria marketing the first sub-Saharan African 30 year sovereign bond away from South Africa.
-
-
Nigeria’s Fidelity Bank printed a $400m five year bond this week at the highest yield seen in emerging markets this year, and the paper was snapped up immediately in the aftermarket.
