21 Feb Overwhelming Demand For Nigerian Debt - DMO Terms It a “Peak Order Book”

As Nigeria returns to Eurobond Market since February 2017, the demand attracted what DMO terms a 'peak order book' of more than $11.5 bln. The US$2.5bn offering divided equally between 12- and 20-year debt instruments, at rates of 7.143% and 7.696% respectively.
The bond market remained scantily traded in today’s session. We, however, witnessed slight buys on the short end of the curve (2019s - 2022s) towards the close of market, as market players took positions in anticipation of a lower clearing rate on the 2021 bond at tomorrow’s auction.
The Niger State government has applied for two oil blocks in a bid to turn it to oil-producing state. Against the background of periodic challenges with the supply and distribution of petroleum products, the board of the Nigerian National Petroleum Corporation (NNPC) approved the list of firms to be selected for the rehabilitation, operation and maintenance of its refineries at Kaduna, Warri and Port Harcourt last month
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