Nigerian Corporate Eurobonds Record Mix Performance

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By Dipo Olowookere

In the just concluded week, performance of Nigerian corporate Eurobonds recorded mixed performance.

It was observed that while yields rose on a number of instruments, some others recorded buying interest.

Analysts at Afri Invest noted that ACCESS 2017 (down 1.7% W-o-W), FIRST BANK 2021 (down 30bps W-o-W) and ZENITH 2019 (down 3bps W-o-W) enjoyed positive sentiment while yields rose 30bps, 24bps, 41bps and 12bps on the FIDELITY 2018, ACCESS June 2021, ACCESS October 2021 and FIRST BANK 2021 respectively.

Also, year to date (YTD) return on all outstanding Nigerian corporate debt instruments remain in the positive region against the backdrop of the strong gains recorded at the start of the Quarter following moderation in domestic macroeconomic risks.

Similar to two weeks ago, sentiment was bearish on Sub-Saharan Africa Eurobonds last week, which could be attributed to rout in the oil market and US Fed monetary policy tightening.

Yield rose on a W-o-W basis on all instruments we track save for few short tenored bonds – Ghana 2017 (down 39bps W-o-W) and South Africa 2017 (down 4.3% W-o-W).

Source: Afri Invest

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