Average Nigeria’s Eurobond yield declined to 9.13% on Tuesday, February 4, 2025, down from 9.21% recorded the previous day, marking a 7.76 basis points (bps) decrease.
The IMF itself has admitted that the reforms have not yielded the desired outcomes. In its latest economic outlook for Sub-Saharan Africa, the Fund noted that the ongoing reforms have yet to deliver meaningful results.
The Federal Government has announced plans to raise approximately $1.7 billion through the issuance of Eurobonds to help finance the revenue shortfalls of the 2024 budget.
Ghana has reached an agreement in principle with its bondholders to restructure its $13 billion Eurobonds.
UNCTAD has warned developing countries especially in Africa facing a high risk of debt distress against issuing more Eurobonds.
A funded rescue plan needs to be developed to avoid a systemic debt disaster
This could be a long summer or holidaymakers and businesses looking for forex.
The Debt Management Office (DMO) has announced plans to list the 8.375%, $1.25 billion, March 2029 Eurobond on the NGX, FMDQ.
The United Bank for Africa (UBA) has redeemed its debut $500 million 5-year Eurobond notes with the maturity date of June 8, 2022.
The rise in Eurobond yields means that Nigeria will pay huge interest in order to incentivise market players to buy its Eurobond.
Zenith Bank Plc has announced the redemption of the balance of $107 million of its $500 million Eurobond Notes due May 30, 2022.
Here is a compilation of notable happenings in the Nigeria macro-economic space, markets, regulators as well as other world economies.
