Author: Julius Alagbe

GCR Assigns IR Rating of AA+ to Lagos State Govt’s N200bn Bond GCR Ratings has assigned an indicative long-term issue rating of AA-(NG)(IR) to Lagos State Government’s proposed up to N200 billion Series 4 Senior Unsecured Fixed Rate Bonds, with the Outlook accorded as Stable An Indicative Rating is denoted by an ‘IR’ suffix to indicate that a credit rating has been accorded based on review of final draft documentation and expectations regarding final documentation, GCR said. Ratings analysts added that the Indicative Rating is expected to convert to a final credit rating subject to the receipt of final documentation…

Lagos Opens N200 billion Bond for Investors Subscriptions Lagos State Government is in the Nigerian debt market to raise up to ₦200 billion from local bond issuance under the ₦1 trillion Debt and Hybrid Instruments Issuance Programme. The offer, which opened Thursday, Nov 6, is priced between 16.15% and 16.25%, is the largest issuance by the State, and proceeds from the bond will be applied to financing priority physical and social infrastructure projects across the State. In separate notes, Investment firms said the 10-year Lagos bond offer will be executed by way of Book Build and is scheduled to close…

Oil Prices Edge Higher over Tight Supply Concerns Oil prices edged higher on Friday as Western sanctions on Russia continued to tighten supply and fuel geopolitical uncertainty, though weak demand signals capped further gains. International benchmark Brent crude was trading at $63.75 per barrel, up around 0.66% from the previous close of $63.33. The US benchmark West Texas Intermediate (WTI) also increased by about 0.74% to $59.83, compared to $59.39 in the prior session. Switzerland-based oil trading company Gunvor Group announced that it has withdrawn its offer to purchase the international assets of Russian energy company Lukoil. In a statement…

Benchmark Yield on Nigerian Government Bonds Falls to 15.79% The average yield on Nigerian government bonds fell by 3 basis points (bps) on Thursday in the secondary market as investors increased their position ahead of November supply. The local bonds market ended Thursday positively, with average yields declining 3 bps to 15.79%, demonstrating robust investor demand for domestic sovereign securities. Risk averse investors seeking attractive returns in the local debt market have continue to boost their positions in anticipation of Nigeria’s benchmark interest rate cut in latter part of the month. Inflation is expected to fall below 18% based on…

Bank of England Keeps UK Interest Rate at 4% The Bank of England has kept interest rates at 4%, as the monetary policy committee noted that upside risk to inflation has become less pressing. The Bank said inflation reached its peak in September at 3.8% and is expected to fall gradually over the coming months before returning to its 2% target in 2027. It had earlier forecast a peak of 4%. The committee voted by a majority of 5–4 to maintain Bank Rate at 4%. Four members voted to reduce Bank Rate by 0.25 percentage points, to 3.75%. UK central…

Bitcoin Declines to $101K over Panic Selling Rally Bitcoin fell on Thursday, trading at $101,676 after BlackRock trimmed holdings, causing some panic selloffs. BTCUSD has lost more than $22,000 in the fourth quarter after the price peaked at $123k. Cryptocurrency investor panic sell-offs were visible on top cryptocurrencies, dragging the global market cap of all assets down by 2.43% to $3.39 trillion at the time of writing. Negative investment sentiment started after Fed speech signals slowdown in rate cut. Tight trading actions ensued and Bitcoin, Ethereum have become casualties of profit taking activities. According to data obtained from CoinMarketCap.com, BTCUSD,…

CBN Cuts Interest Rate on Nigerian Treasury Bills by 10bps The spot interest rate on Nigerian Treasury bills with 364 days to maturity fell by 10 basis points, according to the Central Bank (CBN) auction results. The Apex Bank opened ₦650 billion worth of Nigerian Treasury bills across the standard three tenors for investors’ subscription on Wednesday. The first auction floated by the authority in November attracted significant interest from yield seeking investors amidst sustained demand for the naira asset. The auction attracted ₦1.176 trillion in total subscriptions, with significant preference for one-year bills as investors sought to position themselves…

Overnight Lending Rate Falls as Banks’ Placement Hits N4.4trn Overnight lending rate declined as a strong liquidity level in the financial system kept short-term benchmark interest rates in the money market in check. Robust liquidity in the financial system has continued to fuel banks deposits at the Apex Bank window in the absence of significant funding pressures. Without the authority’s open market operations, market analysts said liquidity level in the banking system will continue to expand, and placement with the Central Bank will continue to grow. Nigerian interbank rates declined across most tenors, except for the 1-month rate, which remained…

Nigeria Prices $2.35bn in 10-year, 20-year Eurobonds The Federal Government of Nigeria has successfully priced 2.35 billion dollars in Eurobonds maturing in 2036 (Long 10-year) and 2046 (Long 20-year) in the international capital market. According to a statement issued by the Debt Management Office (DMO), 1.25 billion dollars and 1.10 billion dollars of the Eurobonds are placed in the 2036 and 2046 maturities, respectively. The office said that the Long 10-year bond and the Long 20-year notes were priced at coupons/yields of 8.6308 per cent and 9.1297 per cent respectively. It said that Nigeria was pleased to have attracted a…

Senate Passes 2nd Reading of Electric Vehicles Transition Bill The Nigerian Senate on Wednesday passed the second reading of a bill aimed at facilitating the country’s transition to electric vehicles (EVs) and promoting green mobility. The bill, sponsored by Sen. Orji Uzor Kalu, sought to establish a legal framework for EV adoption, local manufacturing, environmental sustainability, and economic growth. Presenting the lead debate, Kalu said the legislation would guide Nigeria’s gradual shift from petrol- and diesel-powered vehicles to cleaner, environmentally friendly alternatives. He highlighted that the transport sector contributed 25–30 per cent of national greenhouse gas emissions, with more than…