Nigerian bonds attract more demand

Demand for Nigerian debt rose after the ECB cut its key interest rate to a record lows of 0.05 percent on Thursday and announced plans to buy asset-backed securities and covered bonds in October.
Traders said this bolstered interest in some of the local debt notes that had seen a sell-off this week.
"Some offshore investors who had taken profit from their holding initially at the start of the week sent in reverse orders on Friday," one dealer said.
Yields on 2024 debt note have still climbed 76 basis points to 11.96 percent on Friday from 11.20 percent on Monday, though. The 2022 paper traded at 11.90 percent on Friday from 11.18 percent on Monday.
"We see a slight drop in yields on the two most actively traded bond next week on buying interest," another dealer said.