by Amruth Sundarkumar | Apr 28, 2023 | Sovereign Bonds, Sovereigns
Dollar bonds of Nigeria dropped over 2.5-3% after the nation signaled that its plan to remove energy subsidies might be delayed beyond its earlier June 1 deadline. Finance Minister Zainab Ahmed said that the subsidy plan cannot be ended while the government transition...
by Amruth Sundarkumar | Feb 28, 2023 | Sovereign Bonds, Sovereigns
Nigeria’s dollar bonds were higher by over 2% across the curve after the ruling-party candidate Bola Tinubu took an early lead in the presidential election tally. This was considered a positive news for the market as Tinubu is set to make reforms to pull Nigeria...
by Amruth Sundarkumar | Feb 6, 2023 | Credit Ratings, Sovereign Bonds, Sovereigns
Nigeria’s dollar bonds were lower by over 1 point across the curve with S&P revising their outlook on the sovereign to negative from stable. The rating action came on the back of increasing risks to Nigeria’s debt servicing capacity over the next 1-2...
by Amruth Sundarkumar | Jan 31, 2023 | Sovereign Bonds, Sovereigns
Dollar bonds of Nigeria dropped by as much as 2.5 points across the curve. This comes after the sovereign was downgraded to Caa1 from B3 by Moody’s primarily on the back of expectations that the “government’s fiscal and debt position will continue to...
by Amruth Sundarkumar | Jan 30, 2023 | Sovereign Bonds, Sovereigns
Nigeria was downgraded to Caa1 from B3 by Moody’s primarily on the back of expectations that the “government’s fiscal and debt position will continue to deteriorate”. The government’s 2023 budget plans on an even larger fiscal deficit...
