Nigeria’s Eurobonds gradually rise again with decreasing yield rates

The bullish run of Nigeria’s Eurobonds has continued in the international debt market as the bonds continue to experience declining yield rates and falling prices. 

According to data released by the Data Management Organization, the rates fell consecutively every day from November 17 to November 21.  

7.625% NOV 2025 Eurobond – Yield rate fell by 27.9 bps from November 17 to close at 8.599% on November 21. The price appreciated 46.7 cents to a dollar to close at $97.713 within the same period.  

6.500% NOV 2027 Eurobond – Yield rate closed at 10.046% on November 21, representing a 19.1 bps decline from Friday, November 17. The price appreciated by 59.6 cents to a dollar to close at $88.038 within the same period.  

6.125% SEP 2028 Eurobond – Yield rate closed at 10.172% on November 21, representing a 13.4 bps decline from November 17. The price appreciated by 48.4 cents to a dollar to close at $84.254 during the same period.  

8.375% MAR 2029 Eurobond – Yield rate closed at 10.467% on November 21, representing a 11.9 bs decline from Friday, November 17. The price appreciated by 46.6 cents to a dollar to close at $91.070 within the same period.  

7.143% FEB 2030 Eurobond – Yield rate closed at 10.490% on November 21, marking a 16.4 bps decline from last Friday. The price appreciated by 65.7 cents to a dollar to close at $84.407.  

8.747% JAN 2031 Eurobond – Rate closed at 10.806% on November 21, marking a 14.6 bps decline from last Friday. Within the same period, the price appreciated by 69 cents to a dollar to close at $89.362.  

7.875% FEB 2032 Eurobond – Yield closed at 10.800% on Tuesday, November 21, marking a 15.1 bps decline from Friday, November 17. Within the same period, price appreciated by 74 cents to a dollar to close at $83.740.  

7.375% SEP 2033 Eurobond – Yield closed at 10.864% on November 21, marking a 14-bps decline from Friday, November 17. Hence, price appreciated by 71.8 cents to a dollar to close at $78.702 within the same period.  

 7.696% FEB 2038 Eurobond – Yield closed at 11.134% on November 21, marking a 16.1 bps decline from last Friday. Within the same period, its price appreciated by $0.917 to close at $75.086.  

7.625% FEB 2047 Eurobond – Yield closed at 10.904% on November 21, marking a 15-bps decline from November 17. Within the same period, the price appreciated by 97.7 cents to a dollar to close at $71.661.  

9.248% JAN 2049 Eurobond – Yield closed at 11.360% on November 21, representing a 15.3 bps decline from last Friday’s 11.513%. Within the same period, the price appreciated by $1.06 to close at $82.049.  

8.25% SEP 2051 Eurobond – Yield closed at 11.129% on November 21, representing a 12.5 bps decline from last Friday’s 11.254%. Within the same period, the price appreciated by 88.5 cents to a dollar.  

Nigeria’s external debt profile has consistently grown, reaching about N33.25 trillion in Q2 2023, with the figure set to further increase as the Federal Government seeks funding for the 2024 budget.

However, the FG has to look away from the Eurobond market in sourcing for funds as high-interest rates have made borrowing extremely expensive.