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...
by Amruth Sundarkumar | Jan 4, 2023 | Sovereign Bonds, Sovereigns
Nigeria’s President Muhammadu Buhari said that the nation will have to pay an extra $4bn in the form of additional interest to service debts if the Senate blocks its plan to restructure government loans from the central bank. Last week, the Senate suspended a...
by Amruth Sundarkumar | Nov 23, 2022 | Sovereign Bonds, Sovereigns
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,...
by Amruth Sundarkumar | Nov 18, 2022 | Sovereign Bonds, Sovereigns
Dollar bonds of long-dated emerging market (EM) dollar bonds were down over 3% yesterday. Dollar bonds of sovereigns like Nigeria, Turkey, Colombia, South Africa and their like dropped. JPMorgan recently raised its outlook for emerging market hard-currency debt on...
