Nigeria

The long drought in Sub-Saharan African bond issuance could end as early as next week after Nigeria set dates for a four day international roadshow.

The African loan market has hit 2017 on the front foot, with bankers heralding the support shown for Kenya and Sibanye deals as testament to gathering confidence in the region — but only for the right credits.

Nigeria’s sovereign bond prices have rallied with a new Eurobond expected in January despite the government reporting on Monday N2.2tr ($7bn) of unrecorded debt, equivalent to 2.3% of the country’s GDP.

Nigeria has picked three banks to manage its first sovereign trade since July 2013.

Nigeria has picked three banks to manage its first sovereign trade since July 2013.

While Access Bank safely landed its dollar Eurobond last week, the outlook for Nigerian banks seeking new loans is cloudy.

IHS Nigeria printed the largest ever deal from an African sub-investment grade issuer on Wednesday, raising $800m with a five year non-call two. The deal is testimony to Africa’s improving infrastructure scene, and sets a strong tone for Access Bank, which finished roadshows this week.

IHS Nigeria printed the largest ever deal from an African sub-investment grade issuer on Wednesday, raising $800m with a five year non-call two trade. The deal marks a success for Africa’s improving infrastructure story.

IHS Nigeria was on track to print its five year non-call deal on Tuesday having circulated initial price thoughts at mid-9% area.

Kemi Adeosun, the finance minister of Nigeria, has attacked the “hypocrisy” of Western governments in stopping developing countries accessing development bank finance for coal power.

After a two year absence from the capital markets, two Nigerian corporate issuers are lining up to test investor demand for sub-Saharan Africa high yield credit.

Nigerian banks may have to pay at least 6% for one year loan funding, according to two bankers, as a number of the country's financial borrowers face maturing deals in the fourth quarter.