EM ‘Groundhog Day’ as Nigeria trades up amid broad recovery

Nigeria_flag_8Feb2017_Fotolia
By Virginia Furness
23 Nov 2017

Nigeria issued a dual tranche 10 and 30 year Eurobond this week that traded up between two and three cash points, as emerging markets (EM) assets recovered after a recent wobble.

A series of political events at the beginning of this month led to a 25bp widening of JP Morgan’s Emerging Market Bond Index (EMBI) after a year of strong gains.

To EM bond traders, this looked to be a worrying repeat of the EMBI’s 50bp widening after the election ...

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