Nigeria ‘MIA’ as Emerging Markets rush to sell debt on Greek deal

What we wouldn’t give here at Nairametrics to have a Finance Minister managing Nigeria’s economy at these critical times of global uncertainty.

Nigeria is once again missing in Action (MIA) as other Emerging Markets rush to sell debt before the U.S raises interest rates or the Greek crises resurfaces.

Kazakhstan is selling a record $4 billion of bonds, the first among developing nations to take advantage of the calming effect of Greece’s deal with creditors. The central Asian country is selling $2.5 billion in 10-year bonds at 285 basis points over U.S Treasuries and $1.5 billion in 30-year notes at 335 basis points over their U.S. equivalent.

Those yields are pretty cheap, although we believe they will not stay that low for much longer.

South Africa based Naspers Ltd., Africa’s largest company by market value, is also offering $1.2 billion in a 10-year bond on Tuesday at 310 basis points over Treasuries.

Zambia also plans to start investor meetings on July 16 in U.S. and Europe for a potential dollar-bond sale, a person familiar said on Tuesday asking not to be identified, according to Bloomberg.

We cannot over-emphasize enough how baffled we are at Nairametrics on the lack of urgency by the Buhari administration about naming cabinet Ministers that will tackle Nigeria’s mounting economic crises 48 days after being sworn in on.