Nigeria brings cheap bond, reprices curve

The Federal Republic of Nigeria has released price guidance for its dual tranche bond that rival syndicate bankers and investors are calling “exceptionally” cheap.

  • By Francesca Young
  • 15 Feb 2018

The initial price guidance, at 450bp over US Treasuries for the 12 year and 487.5bp for the 20 year, indicates new issue premiums of 55bp and 75bp respectively, according to a rival banker, and a 40bp premium for each, according to a lead manager.

Citi and

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1 Citi 33,334.77 139 10.01%
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3 JPMorgan 21,769.41 104 6.54%
4 Deutsche Bank 21,060.01 68 6.32%
5 Standard Chartered Bank 20,337.69 123 6.11%

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3 Deutsche Bank 5,824.56 6 9.62%
4 JPMorgan 5,661.98 25 9.35%
5 Bank of America Merrill Lynch 4,079.80 16 6.74%

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1 Citi 13,239.21 41 10.90%
2 Standard Chartered Bank 12,126.28 40 9.98%
3 Deutsche Bank 10,752.93 23 8.85%
4 JPMorgan 10,317.96 40 8.50%
5 HSBC 8,762.12 37 7.21%

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2 Goldman Sachs 162.26 37 8.77%
3 Morgan Stanley 141.22 46 7.64%
4 Bank of America Merrill Lynch 114.20 33 6.18%
5 Citi 95.36 35 5.16%

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4 Deutsche Bank 727.35 6 7.29%
5 Commerzbank Group 528.80 5 5.30%

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1 AXIS Bank 4,462.75 70 25.37%
2 Trust Investment Advisors 2,016.80 52 11.46%
3 HDFC Bank 2,009.66 35 11.42%
4 ICICI Bank 1,242.43 43 7.06%
5 Yes Bank Ltd 1,067.50 11 6.07%