Market News
BNY, Standard Bank To Facilitate Access To Nigerian Naira Debt – Bloomberg = NIGERIAN TRIBUNE
Bank of New York Corp., in collaboration with Standard Bank Group Ltd., is launching global depositary notes backed by Nigerian sovereign debt denominated in naira, Bloomberg reported Wednesday.
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The initiative is reportedly designed to give international investors streamlined access to the elevated yields available in Nigeria, Africa’s most populous nation.
The depositary notes will be eligible for settlement through major international clearing systems, Euroclear and Clearstream, enabling broader participation from global institutional investors.
The development is seen as a significant milestone in efforts to deepen foreign access to Nigeria’s local debt market.
According to Bloomberg, Nigeria sold 182-day Treasury bills on June 4 at a yield of 18.5 per cent, while its 2033 benchmark bond was trading at a yield of 19.33 per cent as of Wednesday — among the highest returns in emerging markets.
