Daily Nigerian Eurobond Pricing

Find out more about Nigerian Eurobonds through HowNoww. Daily updated pricing to see how Nigerian Eurobonds perform, an annual coupon schedule to observe when coupons are due and a helpful guide to help you understand Eurobonds even better.

*** 7 NIGERIAN EUROBONDS PAY A COUPON IN OCTOBER *** FIRST BANK OF NIGERIA ISSUED $350MM 5 YEAR SENIOR UNSECURED EUROBOND ON OCTOBER 20TH 2020 *** *** 7 NIGERIAN EUROBONDS PAY A COUPON IN OCTOBER *** FIRST BANK OF NIGERIA ISSUED $350MM 5 YEAR SENIOR UNSECURED EUROBOND ON OCTOBER 20TH 2020 ***

Government Eurobonds

Issuer Maturity Coupon Yield Today Yield Yesterday Yield Difference Amt Outst. ($MM) History Prospectus
Updated 28/10/2020

Bank Eurobonds

Issuer Maturity Coupon Yield Today Yield Yesterday Yield Difference Amt Outst. ($MM) History Prospectus
Updated 28/10/2020

Corporate Eurobonds

Issuer Maturity Coupon Yield Today Yield Yesterday Yield Difference Amt Outst. ($MM) History Prospectus
Updated 28/10/2020
All yields are purely indicative and should not be interpreted as live. Yields are based on end of day pricing data uploaded around 7PM GMT/BST. All yields are mid yields, i.e. the average yield of a bid yield and offer yield. Although we verify data accuracy, HowNoww expressly disclaims the accuracy, adequacy, or completeness of any data and shall not be liable for any errors, omissions or other defects in, delays or interruptions in such data, or for any actions taken in reliance thereon. HowNoww will not be liable for any damages relating to your use of the information provided herein. All data and information is provided “as is” for personal informational purposes only, and is not intended for trading purposes or advice. Please consult your broker or financial representative to verify pricing before executing any trade. HowNoww has exclusive proprietary rights in the data and information provided.

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Frequently Asked Questions

Quickly browse through a selection of the most common practical questions and answers on Eurobonds. For even more information, please visit our Guide.

The Logistics

What's the minimum amount needed to invest in Nigerian Eurobonds?

At present, $200,000 nominal for all Nigerian Eurobonds with a $1,000 increment thereafter. The exception is Nigeria's Diaspora Bond. To find out more about this bond or to the possibility of transacting in amounts below $200,000 please view the Types and Fractional Bonds sections of the HowNoww Guide.

What's a custody account and do I need one?

A custody account warehouses your Eurobond purchases and therefore every investor will require a custody account. Most banks offer custodial services for a fee.

What are the trading hours for Eurobonds?

Eurobonds are not traded through a central exchange and therefore trading hours are subject to the working hours of your trading counterparties or financial services provider. Most market-makers in Nigerian Eurobonds operate out of London, UK and a 5PM GMT/BST cut-off is common for this reason.

What are callable bonds?

Some bonds are issued with a call option embedded in the structure. Therefore the bond can be called back by the issuer either at a certain date and price. Some callable bonds allow the issuer more flexibility on date and price. For more information on Callable Bonds, please visit the Types section in the HowNoww guide.

What are sinkable bonds?

Sinkable bonds are bonds that pay back a portion of the total nominal amount before the maturity date. Usually the issuer provides a clear schedule when it pays back that portion and a specially created sinking fund will be used for this. The bond therefore sinks it is said. Please visit the Types section of the HowNoww Guide for more information on Sinkable Bonds.

What’s a diaspora bond?

The 2022 Nigerian government bond was issued to appeal to Nigerians living in the diaspora. One of the key features is that the minimum amount that can be invested in the diaspora bond is $2,000 nominal in comparison to $200,000 nominal for all other Nigerian Eurobonds. Please visit the Types section of the HowNoww Guide for more information on the Diaspora Bond.

When do I receive a coupon payment in my account?

Coupon and redemption payments usually hit your custody account up to 2 business days after official coupon payment date or maturity date, but please check your custodian to confirm.

Eurobond Issuance

Is there a Eurobond issuance calendar?

No. Eurobonds can get issued whenever the issuer wants. Although usually an issuer visits a pool of investors prior to the issuance to get a feel of investor appetite and pricing (fancy word: roadshow). For more information on Eurobond issuance, please visit the Issuing Bonds section of the HowNoww Eurobond guide.

Bond Prices

What is the difference between a discounted and premium price?

A bond trading at price higher than 100% is said to trade at a premium. Below 100%, we call it discount and exactly 100% we call it par. Bonds in high demand usually trade at a premium For more information on Eurobond issuance, please visit the Pricing Bonds section of the HowNoww Eurobond guide.

Do I lose money when paying a premium price?

Although most bonds get redeemed at 100%, a bond purchased at a premium will “eat away” some of your (coupon) income over the life of the bond. For this reason, the yield of bond trading at a premium will be lower than its coupon rate. Losing money only happens when you sell the bond prior to its maturity date at a lower price than your purchase price or when the bond has a negative yield. Therefore don’t panic when a bond trades at a premium, it is usually a good sign of demand for this bond. For more information on Eurobond issuance, please visit the Pricing Bonds section of the HowNoww Eurobond guide.

What is accrued interest?

If an investor decides to sell a bond before it pays the next coupon, the investor does not give up that coupon in full. You get something called “accrued interest”... it’s merely the coupon income collected over all the days you owned the bond since the previous coupon was paid. So a bond that pays a coupon every 180 days and you have owned it 110 days, you get the 110 day portion of the coupon and give up the remaining 70 days. For more information on Eurobond issuance, please visit the Coupons section of the HowNoww Eurobond guide.

What do clean price and dirty price mean?

Bond prices are always in percentages, but we tend to drop the percentage sign in a quote. So 98.50 is effectively 98.50%. Furthermore bonds are always quoted “clean” of accrued interest... we call it the clean price. It goes without saying, when we add accrued interest to the price, we get the dirty price. Please browse the Pricing Bonds section in the HowNoww Eurobond Guide for more insight on this.

What are nominal value, face value and total consideration?

Nominal value = face value... trading sizes are always on a nominal basis. Total consideration is the total amount of cash you need to buy a Eurobond. This therefore includes accrued interest. An investor should not forget to take into account the accrued interest when purchasing a bond. For more information on Eurobond issuance, please visit the Issuing Bonds section of the HowNoww Eurobond guide.

What are the main types of yield calculations?

The rate of return on all Nigerian Eurobonds can be expressed through the following three types of yield metrics: Yield to Maturity (YTM) Yield to Call (YTC) for Callable Bonds Yield to Average Life (YAL) for Sinkable Bonds For more information on Eurobond issuance, please visit the Yields section of the HowNoww Eurobond guide.

What's the difference between yield and coupon?

When a Eurobond is issued the issuer will pay a coupon rate over the nominal amount of the bond. This rate will not change over the life of the Eurobond unless the coupon is variable or has some other kind of flexible rate. A bond issued at 100% (par) will have a yield to maturity equal to its coupon rate. For more information on Eurobond issuance, please visit the Yields section of the HowNoww Eurobond guide.

Want to find out more?

We update our Eurobond guide frequently to provide you with a real inside look into Eurobond markets.