Nigeria: Upgrade to Buy after excessive sell-off
-
Nigeria's among the hardest hit in the current sell-off despite high oil prices, which haven’t translated to macro gains
-
Spreads above 1,000bps and a cash price in the low 70s on the 10-year bonds, despite low default risk, seem excessive
-
The long-term macro outlook is still weak, but we upgrade to Buy on NGERIA 7 ⅞ 02/16/2032s given attractive valuation
You can read this report by subscribing to a Starter or Pro plan today.
Already have an account? Log in
Most Read
Disclosures
This report is independent investment research as contemplated by COBS 12.2 of the FCA Handbook and is a research recommendation under COBS 12.4 of the FCA Handbook. Where it is not technically a research recommendation because the subject of the research is not listed on any European exchange, it has nevertheless been treated as a research recommendation to ensure consistent treatment of all Tellimer's research. This report has been produced by the analyst(s) named above (the "Analyst").
The Analyst certifies that the views and forecasts expressed in this report accurately reflect their personal views about the subject, securities, or issuers specified herein. In addition, the Analyst certifies that no part of their compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed in this report.