Nigeria

In this round-up, trade settlement picked up in March, Asian exchanges saw declining USDCNY futures volumes, Nigeria will include the RMB in its FX reserves, a survey found the RMB is likely to replace the Hong Kong dollar as most popular currency in HK, and a new cross-border scheme was established between Singapore and China. Plus, a recap of GlobalRMB's top stories this week.

The CNY NDIRS curve is steeper after a stronger CNY fix backed light offers in the short end while improved price data triggered paying around the five year tenor. Meanwhile, Nigeria is considering issuing a Panda bond, writes Deirdre Yeung of Total Derivatives.

MTN Côte d’Ivoire is raising a $225m-equivalent loan in West African francs while parent company MTN Group, the South Africa-based mobile telecommunications firm, continues negotiations with the Nigerian government over a $5.1bn fine.

The $150m loan for Africa Finance Corporation is still in the market, although commitments for the loan were due weeks ago.

Bankers are in discussions with a Nigerian corporate for an acquisition loan, representing welcome fodder for a depleted market, although the deal may not make it over the line, according to sources.

International Finance Corp (IFC) is set to offer a funding lifeline to Nigeria’s banks after the country sought emergency loans this weekend.

The Central Bank of Nigeria decided on Tuesday to leave its rates on hold but, despite concerns that that would create further difficulties for the economy, Nigeria’s Eurobonds rallied 30bp overnight as investors focused more on oil prices than policy decisions.

The Central Bank of Nigeria decided on Tuesday to leave its rates on hold, but despite concerns that this will plunge the economy into further difficulties, Nigeria’s Eurobonds rallied 30bp over-night as investors focus more on oil prices than policy decisions.

Nigeria will have to pay a yield of over 9% to access the international markets as it plans its first Eurobond for three years, according to Exotix.

Nigeria’s Ecobank signed its $170m loan refinancing on Monday, the deal pays 1% more than the previous loan and has attracted four new lenders, despite a meagre showing of Nigerian deals this year.

Stanbic IBTC, the subsidiary of Standard Bank also known as Stanbic Nigeria, signed its debut syndicated loan on Wednesday with a mostly Middle Eastern syndicate.

Bank of Georgia completed the IPO of its healthcare subsidiary on Monday, as it successfully priced the deal, although at a price much below what it had hoped for.