{"id":430954,"date":"2011-05-26T23:00:48","date_gmt":"2011-05-26T23:00:48","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/05\/26\/demand-for-nigerian-debt-could-rise-on-political-stability-citigroup-says\/"},"modified":"2011-05-26T23:00:48","modified_gmt":"2011-05-26T23:00:48","slug":"demand-for-nigerian-debt-could-rise-on-political-stability-citigroup-says","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/05\/26\/demand-for-nigerian-debt-could-rise-on-political-stability-citigroup-says\/","title":{"rendered":"Demand for Nigerian Debt Could Rise on Political Stability, Citigroup Says"},"content":{"rendered":"<div readability=\"82\">\n<p>Demand for debt from Nigeria, which has outperformed an average of emerging-market notes, will rise as political stability improves following April\u2019s elections, said Richard Cookson, global chief investment officer for Citi Private Bank, a unit of Citigroup Inc.<\/p>\n<p>Nigeria raised $500 million from its debut sale of Eurobonds on Jan. 21, with orders equaling more than two times the amount of debt sold. Citibank acted as joint bookrunner on the bond offer.<\/p>\n<p>The 6.75 percent debt due 2021 has returned 6.2 percent since being issued, compared with a 5.2 percent average return for emerging-market notes, according to JP Morgan Chase &#038; Co. emerging-market indexes.<\/p>\n<p>\u201cGiven the demand for the country\u2019s bond offer, and given the deteriorating quality of debt in the rest of the world, there should be more demand for the country\u2019s debt,\u201d Cookson said in an interview in Lagos. \u201cThe political system is getting better and if all continues to go according to expectations, the overall credit rating of the country is likely to go up, not down.\u201d<\/p>\n<p>Nigeria, is rated B+ by Standard and Poor\u2019s, four levels below investment grade, and a step higher at BB- by Fitch Ratings. Ghana, ranked one level lower at S&#038;P, has a yield of 6.15 percent on its dollar bonds due in 2017. Bonds due in 2016 from Lebanon, also rated B, yield 5.38 percent.<\/p>\n<p>Angola\u2019s long-term foreign-currency rating was raised one step to BB- by Fitch Ratings, one step above Greece\u2019s assessment, as higher oil prices boost state revenue and debt arrears decline.<\/p>\n<p>Citi Private Bank\u2019s portfolio is currently \u201cunderweight\u201d on emerging equities, with more exposure to fixed income, according to Cookson. \u201cI am still comfortable that fixed income will outperform equities,\u201d he said.<\/p>\n<\/div>\n<p>Comments are moderated. Please keep them clean and brief.<\/p>\n<\/p>\n<p>View post:<br \/>\n<a target=\"_blank\" href=\"http:\/\/www.vanguardngr.com\/2011\/05\/demand-for-nigerian-debt-could-rise-on-political-stability-citigroup-says\/\" title=\"Demand for Nigerian Debt Could Rise on Political Stability, Citigroup Says\" rel=\"noopener noreferrer\">Demand for Nigerian Debt Could Rise on Political Stability, Citigroup Says<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p> Demand for debt from Nigeria, which has outperformed an average of emerging-market notes, will rise as political stability improves following April\u2019s elections, said Richard Cookson, global chief investment officer for Citi Private Bank, a unit of Citigroup Inc. Nigeria raised $500 million from its debut sale of Eurobonds on Jan. <\/p>\n","protected":false},"author":0,"featured_media":419156,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":{"0":"post-430954","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-local-news"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Demand for Nigerian Debt Could Rise on Political Stability, Citigroup Says - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2011\/05\/26\/demand-for-nigerian-debt-could-rise-on-political-stability-citigroup-says\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Demand for Nigerian Debt Could Rise on Political Stability, Citigroup Says - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"Demand for debt from Nigeria, which has outperformed an average of emerging-market notes, will rise as political stability improves following April\u2019s elections, said Richard Cookson, global chief investment officer for Citi Private Bank, a unit of Citigroup Inc. Nigeria raised $500 million from its debut sale of Eurobonds on Jan.\" \/>\n<meta name=\"twitter:creator\" content=\"@ghanamma\" \/>\n<meta name=\"twitter:site\" content=\"@ghanamma\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.ghanamma.com\/2011\/05\/26\/demand-for-nigerian-debt-could-rise-on-political-stability-citigroup-says\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.ghanamma.com\/2011\/05\/26\/demand-for-nigerian-debt-could-rise-on-political-stability-citigroup-says\/\"},\"author\":{\"name\":\"\",\"@id\":\"\"},\"headline\":\"Demand for Nigerian Debt Could Rise on Political Stability, Citigroup Says\",\"datePublished\":\"2011-05-26T23:00:48+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.ghanamma.com\/2011\/05\/26\/demand-for-nigerian-debt-could-rise-on-political-stability-citigroup-says\/\"},\"wordCount\":314,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.ghanamma.com\/2011\/05\/26\/demand-for-nigerian-debt-could-rise-on-political-stability-citigroup-says\/#primaryimage\"},\"thumbnailUrl\":\"\",\"articleSection\":[\"Local News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.ghanamma.com\/2011\/05\/26\/demand-for-nigerian-debt-could-rise-on-political-stability-citigroup-says\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.ghanamma.com\/2011\/05\/26\/demand-for-nigerian-debt-could-rise-on-political-stability-citigroup-says\/\",\"url\":\"https:\/\/www.ghanamma.com\/2011\/05\/26\/demand-for-nigerian-debt-could-rise-on-political-stability-citigroup-says\/\",\"name\":\"Demand for Nigerian Debt Could Rise on Political Stability, Citigroup Says - Ghanamma.com\",\"isPartOf\":{\"@id\":\"https:\/\/www.ghanamma.com\/2011\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.ghanamma.com\/2011\/05\/26\/demand-for-nigerian-debt-could-rise-on-political-stability-citigroup-says\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.ghanamma.com\/2011\/05\/26\/demand-for-nigerian-debt-could-rise-on-political-stability-citigroup-says\/#primaryimage\"},\"thumbnailUrl\":\"\",\"datePublished\":\"2011-05-26T23:00:48+00:00\",\"author\":{\"@id\":\"\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.ghanamma.com\/2011\/05\/26\/demand-for-nigerian-debt-could-rise-on-political-stability-citigroup-says\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.ghanamma.com\/2011\/05\/26\/demand-for-nigerian-debt-could-rise-on-political-stability-citigroup-says\/#primaryimage\",\"url\":\"\",\"contentUrl\":\"\"},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.ghanamma.com\/2011\/#website\",\"url\":\"https:\/\/www.ghanamma.com\/2011\/\",\"name\":\"Ghanamma.com\",\"description\":\"News In Ghana - Latest Ghana News Headlines\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.ghanamma.com\/2011\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Demand for Nigerian Debt Could Rise on Political Stability, Citigroup Says - Ghanamma.com","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.ghanamma.com\/2011\/05\/26\/demand-for-nigerian-debt-could-rise-on-political-stability-citigroup-says\/","twitter_card":"summary_large_image","twitter_title":"Demand for Nigerian Debt Could Rise on Political Stability, Citigroup Says - Ghanamma.com","twitter_description":"Demand for debt from Nigeria, which has outperformed an average of emerging-market notes, will rise as political stability improves following April\u2019s elections, said Richard Cookson, global chief investment officer for Citi Private Bank, a unit of Citigroup Inc. 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