Nigerian Bonds Rally as Tinubu Leads

Nigerian Bonds Rally as Tinubu Leads https://nporeports.com/nigerian-bonds-rally-as-tinubu-leads/
Nigerian bonds are posting some of the best gains in emerging markets as investors bet that Tinubu will introduce reforms to pull Africa’s largest economy out of a fiscal mess.

Five of the West African nation’s dollar bonds ranked among the 10 best performers on Monday in a Bloomberg index of 71 emerging and frontier nations. The country’s sovereign risk premium narrowed the most this year on Monday, according to JPMorgan Chase & Co. data. The equity benchmark in Lagos rose to an eight-month high.

Nigeria’s bond due 2047 rose 1.8 cents on the dollar to 68.8, cutting its yield by 33 basis points to 11.5%.

Bloomberg