An Introduction to Retail Bond Market - The Nigerian Stock Exchange
An Introduction to Retail Bond Market - The Nigerian Stock Exchange
An Introduction to Retail Bond Market - The Nigerian Stock Exchange
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Feb-06Aug-06Feb-07Aug-07Feb-08Aug-08Feb-09Aug-09Feb-10Aug-10Feb-11Aug-11Feb-12Aug-12THE NIGERIAN BOND MARKET: BONDMARKETNIGERIA: COMPOSITIONSIZINGOF BOND MARKETFGN,86.0%States,10.6%Corporates,3.4%<strong>The</strong> federal government is theprimary issuer of debt. <strong>The</strong>current portions for States andCorporates was achieved undera favourable interest rateregime when primary marketactivities for these tiers ofcredit issuers was beginning <strong>to</strong>gain traction.NIGERIA: BOND MARKET TURNOVER, N’TRILLIONS3.02.52.01.51.00.50.0Trend lineHis<strong>to</strong>rically, volumes had asteep upward trajec<strong>to</strong>ry giventhe dearth of investiblesecurities in Nigeria,particularly after the equitymeltdown of 2008. Followingthe subsequent bond marketcorrection of 2010, volumeshave been on the increasewhile the overall trend ispositive (see Trend line)7
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