September 28, 2020/Coronation Report
Clients who listen to our macroeconomic presentations know that we consider Eurobonds issued by the Federal Government of Nigeria (FGN) to present a sweet spot.
Yields are above their long-term average and yet the Eurobond market seems likely to welcome a issue next year, given Nigeria’s absence from the market in 2019 and early 2020. So it was a surprise to see yields rise quite sharply last week. To our mind it seems like a case of contagion from elsewhere in Africa.
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