Nigeria
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The new debt will pay for a tender of existing notes maturing in 2026 -
High yield from an issuer with major oil and gas players as shareholders attracts investors
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Variation over fair value calculations but deal still performs
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The well-flagged deal will 'fly', said one observer
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Second African telecom tower owner to issue bond this year
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Year's first African bank bond is performing strongly in the secondary market
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Ecobank's Nigerian unit recently secured breathing room from bondholders on capital ratios
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Observers had tipped the pair to issue Eurobonds this year, but yields are too high
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The market has expected a new bond from Nigeria all year, but yields are high
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Many of the region’s states that have market access feel little need to issue new bonds
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Eager investors appear willing to ignore hawkish signs with more borrowers likely to contemplate bonds
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Analysts say the short-term risk of Nigeria falling into debt distress is low
