An Introduction to Retail Bond Market - The Nigerian Stock Exchange

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THE NIGERIAN BOND MARKET: FOOTPRINTS IN TIME20032006200820102012-Failed offer(variousdocumentedreasons)- callable bonds:3Y, 5Y, 7Y &10Y bonds-15 PDsappointed- 5Y & 7Yissues-Issuance of20Y bondsRelease ofnew guidelinesfor the FGNBond MarketAddition ofFGN Bondsto the JPMorgan’s &Barclays EMBond IndexDMOestablished(4 th Oct, 2000)Smaller issues of2Y &3Y- Regular monthlyissuance ofoption-free bonds- 5 additionalPDs appointed-1st re-opening ofexisting bond- Re-appearanceof 10Y bonds1 st recordedmarket shutdown due toprice volatilityIssuance of the$500m Eurobond(For internationalPrice Discovery):current yield is3.65%(11/01/13)20002005 2007200920114
THE NIGERIAN BOND MARKET: MAJOR EVENTSNIGERIA: COMPOSITION OF GOVERNMENT DEBT – 2001 VS. 20122002: c.N5.1 trillion 2012 (Sept.): c.N6.3 trillion #Treasurybonds*, 36%FGN bonds, 61%Others, 20%LT stock, 1%Treasury bills, 34%Treasury bills,44%Treasury bonds, 5%#The growth in actual new issuance is c.N1.2trillion as most of the issuance was to refinance existing T-bills.* Nigeria’s sovereign bonds (debt) have been in existence since the 1970s. However, the Treasury bonds are federalgovernment securities issued pre-2003. They are illiquid and redeemable only to the Central Bank of Nigeria (CBN) uponmaturity.5
Page 1 and 2: January 29, 2013The Role of NSE FIM
Page 3: THE NIGERIAN BOND MARKET: AN OVERVI
Page 8 and 9: Sub-Nationals (State Bonds)IssuerIs
Page 10 and 11: The Nigerian Bond Market: Volatilit
Page 12 and 13: HOW DO I PARTICIPATE• The TWO sim
Page 14 and 15: BENEFITS OF TRADING ON THE EXCHANGE

An Introduction to Retail Bond Market - The Nigerian Stock Exchange

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