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Nigeria bond yields dive after S&P rating upgrade
November 8, 2012 / 12:11 PM / 5 years ago

Nigeria bond yields dive after S&P rating upgrade

LAGOS, Nov 8 (Reuters) - Yields on Nigeria’s 10-year bond renewed falls on Thursday and are now as much as 38 basis points lower since Standard & Poor’s lifted the country’s credit rating on Wednesday, helped by the bonds’ addition to a key emerging market debt index.

The 10-year note, which was trading at 13.98 percent before the ratings announcement, opened for trade on Thursday at 13.60 percent, while yields on other maturities have fallen between 10-20 basis points.

Barclays this week said it will add Nigeria to its emerging market local currency government bond index from March next year, aiding a drop in yields, traders said. (Reporting by Chijioke Ohuocha; Editing by Patrick Graham)

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