Fidelity Bank prints at nosebleed yield
Nigeria’s Fidelity Bank printed a $400m five year bond this week at the highest yield seen in emerging markets this year, and the paper was snapped up immediately in the aftermarket.
The bank, rated B- by S&P, hit screens on Tuesday at initial price thoughts of 11% area on a five year transaction.“I can’t remember the last deal I saw that came with an 11 handle at initial price thoughts,” said one investor at the ...
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