Not long to go until November 2018: We maintain our Buy recommendation on the GT Bank (GRTBNL) 6% Nov 2018 bond. We acknowledge that the recently-concluded buyback and the very short nature of this bond may mean that upside from current levels is limited. However, Q3 results show that GT Bank remains the best-in-class in Nigeria. Net income of NGN41.6bn was just 1% lower than the very strong Q2 17 result, and GT Bank generated an annualised ROE of almost 30%. Operating revenue declined qoq, but so did costs and provisions. Capital ratios remain very high (CAR was 22.9% at the end of September) and GT Bank’s coverage ratio exceeded 2x. Overall, from a credit perspective, we view this bank’s latest results as solid.