Sovereign Debt Update: Nigeria’s Eurobond Yields Edge Upward

As of Tuesday, September 2, 2025, Nigeria’s Eurobond market reflected a mixed performance across maturities, with yields generally trending upward. According to data released by the Debt Management Office, the 7.625% US$1.118 billion Eurobond maturing in November 2025 closed at a price of $100.336, yielding 5.906%, down from its original issue yield of 7.625%.

Longer-dated instruments showed more pronounced shifts. The 6.125% US$1.25 billion bond due September 2028 traded at $98.219 with a yield of 6.776%, while the 8.375% US$1.25 billion bond maturing in March 2029 rose to $104.020, yielding 7.074%. The 9.625% US$700 million bond due June 2031 posted a yield of 7.969% on a price of $107.511, compared to its original yield of 9.625%.

Among the ultra-long maturities, the 8.25% US$1.25 billion Eurobond maturing in September 2051 closed at $87.930, with a yield of 9.508%, reflecting investor caution over long-term exposure. The highest yield was recorded on the 10.375% US$1.5 billion bond due December 2034, which traded at $90.739 and yielded 8.811%, below its issue yield of 10.375%.

The data suggests that while Nigeria’s sovereign debt remains attractive to yield-seeking investors, pricing continues to be influenced by global interest rate trends and domestic fiscal dynamics. Analysts are watching closely for signals from the U.S. Federal Reserve and Nigeria’s monetary authorities, as these will likely shape future demand and pricing across the curve