Nigeria 2024 bond yield eases on JP Morgan index inclusion

Yields on Nigeria's 2024 bond shed 15 basis points to 11.89 percent on Friday, after JP Morgan added it to its Government Bond Index-Emerging Market (GBI-EM), attracting offshore funds, dealers said.
The 10-year benchmark bond opened for trade at 12.04 percent.
Last week JP Morgan said it add Nigeria's 2024 bond to its emerging market government bond index, in addition to five other bonds already listed, pushing its yield down 22 bps.[ID:nL5N0QR47I]
Since then, some investors have taken profits, dealers said.
The addition also lifted overall trading volumes on Friday to around 11.5 billion naira ($70 million) on Friday, compared with an average of around 8 billion to 9 billion naira, dealers said.
JP Morgan valued Nigeria's outstanding bond issues on its index at $13.75 billion.