Nigeria dollar bond falls on election result
Nigeria’s 2021 dollar bond fell yesterday, giving up some of its recent rapid gains, as last week’s parliamentary election showed the opposition gaining ground against the ruling People’s Democratic Party (PDP).
The bond was down three points to 100, the lowest since end-March.
Reuters
said President Goodluck Jonathan is widely tipped to win the presidential election on April 16 but the initial results from Saturday appear to indicate his victory margin may not be as large as expected.
The yield jumped almost half a per cent to 6.75 per cent. Nigeria’s portion of the EMBI Global Diversified sovereign emerging bond index 11EML widened 10 basis points to 294 basis points (bps) over United States Treasuries.
It had tightened 30 bps on Friday ahead of the election as investors priced in an easy win for Jonathan.
source : The Nation
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