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
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