Dollar bonds of Nigeria have moved higher across the curve in November (see chart above). Its 2025s have moved over 5% higher since the beginning of the month whereas its 2031s and 2049s have rallied over 15% MTD. While there is no specific news on the sovereign, Morgan Stanley and JPMorgan have become bullish on EM hard-currency debt. JPMorgan upgraded its outlook for EM hard currency debt at “marketweight” from “underweight” and Morgan Stanley expects 14% next year if inflation falls.

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