By Godswill Michael
Nigeria’s 2029 Eurobond gained momentum on Thursday, closing at 103.791 dollars with a yield of 7.127 per cent, according to figures released by the Debt Management Office (DMO).
The bond, originally issued at a yield of 8.375 per cent, showed stronger investor confidence as prices climbed above par value.
The performance of the 2029 instrument stood out against mixed trading across Nigeria’s Eurobond curve. While some maturities appreciated, others recorded weaker prices.
For instance, the 2025 bond closed at 100.210 dollars with a yield of 5.995 percent, while the 2028 bond dipped below par at 98.494 dollars, corresponding to a yield of 6.688 per cent. Similarly, the 2033 note ended at 94.759 dollars with yields rising to 8.284 per cent, reflecting pressure on longer-dated securities.
Overall, yields on Nigeria’s Eurobonds ranged between 5.995 per cent and 9.287 per cent, covering maturities from 2025 to 2051. The longest-dated bond, due September 2051, closed at 89.891 dollars with a yield of 9.287 per cent, while the 2047 and 2049 instruments also traded below par, showing yields of 9.098 percent and 9.171 per cent respectively.
Nigeria currently has Eurobond issuances across multiple maturities, valued between 700 million dollars and 1.5 billion dollars per tranche.
The securities are a key source of external financing for the Federal Government, providing foreign exchange inflows to support budgetary and economic needs. Their performance often reflects global investor appetite for emerging market debt and the perceived credit risk of the country.
Thursday’s trading underscores a broader trend where shorter- and mid-term bonds such as the 2029 note attract stronger demand relative to long-term maturities.
Analysts typically attribute such movements to investor caution around Nigeria’s long-term fiscal sustainability, oil revenue stability, and global interest rate dynamics.
By closing at a premium, the 2029 Eurobond highlights renewed market optimism, offering Nigeria some relief in its external borrowing profile even as longer tenors face more subdued demand.
