Nigeria’s Eurobonds rallied in the international market on Wednesday, reversing the recent cooling in foreign portfolio investor (FPI) interest triggered by concerns over a U.S.-led global trade standoff that previously prompted capital flight from African debt markets.
Bullish sentiment dominated trading, with robust demand recorded across the curve—from short- to long-term maturities. According to Cowry Asset Management, the November 2027 and November 2025 Eurobonds saw the strongest buying interest, helping drive the day’s momentum.
As a result, the average yield on Nigeria’s Eurobonds fell by 7 basis points to 10.94%, reflecting heightened investor appetite and the corresponding rise in bond prices.
TrustBanc Financial Group reported that the Nov-2027 and Mar-2029 notes closed at 9.42% and 10.31%, respectively—down from 9.47% and 10.34% in the previous session. However, the Dec-2034 Eurobond saw a slight uptick in yield to 11.12%, up from 11.01%, indicating modest selling activity on that tenor.
Across African sovereign debt markets, performance was mixed. According to AIICO Capital Limited, the region’s Eurobonds traded divergently, reflecting a combination of positive developments in commodity prices and shifting global risk sentiment.
Analysts noted that while some sovereigns benefited from firmer commodity markets, others faced selling pressure amid persistent fiscal uncertainties and global portfolio rebalancing.
Despite these headwinds, Nigeria’s Eurobonds appear to be regaining traction, with investors selectively repositioning in response to evolving market dynamics.
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