Fidelity Bank prints at nosebleed yield

By Michael Turner
12 Oct 2017

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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