Nigeria’s Eurobond yields trade higher, reflects rising long-term borrowing costs

Nigeria’s Eurobond yields closed higher across most maturities on Thursday, reflecting cautious investor sentiment in the international debt market despite relatively stable bond prices, according to data released by the Debt Management Office (DMO).

The DMO’s latest pricing sheet showed that Nigeria’s sovereign Eurobonds recorded yields ranging from 5.655 per cent on the 2027 paper to 8.138 per cent on the 2051 bond as of May 21, 2026.

Among the short-term instruments, the 6.500 per cent $1.5 billion November 2027 Eurobond closed at a price of $101.203 with a yield of 5.655 per cent, while the 6.125 per cent September 2028 Eurobond traded at $100.795, offering a yield of 5.752 per cent.

The 8.375 per cent March 2029 Eurobond closed at $106.244 with a yield of 5.939 per cent, while the 7.143 per cent February 2030 paper settled at $102.761, translating to a yield of 6.299 per cent.

For the medium-dated instruments, the 8.747 per cent January 2031 Eurobond was priced at $107.954 with a yield of 6.724 per cent, while the 9.625 per cent June 2031 paper closed at $112.316, yielding 6.702 per cent. The 7.875 per cent February 2032 bond traded at $105.124 with a yield of 6.776 per cent.

The 7.375 per cent September 2033 Eurobond closed at $101.787, offering investors a yield of 7.056 per cent, while the 10.375 per cent December 2034 paper stood at $119.494 with a yield of 7.269 per cent.

Longer-dated Eurobonds continued to trade with elevated yields. The 8.631 per cent January 2036 Eurobond closed at $109.084 with a yield of 7.397 per cent, while the 7.696 per cent February 2038 paper traded at $102.177 and yielded 7.413 per cent.

Further along the curve, the 9.129 per cent January 2046 Eurobond settled at $110.397 with a yield of 8.063 per cent, while the 7.625 per cent November 2047 paper closed below par at $97.958, yielding 7.823 per cent.

The 9.248 per cent January 2049 Eurobond closed at $112.149 with a yield of 8.070 per cent, while the 8.250 per cent September 2051 paper settled at $101.172, offering the highest yield on the curve at 8.138 per cent.

The pricing data, sourced from Bloomberg and published by the DMO, highlights sustained investor demand for Nigerian sovereign debt, although elevated yields on longer maturities suggest that investors continue to price in risks associated with global interest rates and emerging market borrowing conditions.