Nigeria makes shaky diaspora bond debut

Published: June 29, 2017

Ambitious issuance marks a first for EMEA region, but not without taking a few bumps and bruises along the way.

Nigeria sold Sub-Saharan Africa’s first ever diaspora bond last week, but the bonds widened sharply in the secondary market soon after pricing as a combination of negative factors sent investors for the exits.

Africa’s biggest economy, rated B1/B/B+, raised a $300mn five year bond at a yield of 5.625% on June 20. The bond was targeted at retail buyers made up mostly of Nigerians living overseas.

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