The floodgates have opened for emerging market sovereign Eurobond issuers, who have been scrambling to take advantage of the new warm feeling towards riskier assets.
Latest to woo investors is Nigeria, which is on a two-day roadshow finishing today in Zurich, according to Thomson Reuters news and information service IFR.
Nigerian finance minister Ngozi Okonjo-Iweala said her country was unlikely to issue a bond this year, a view echoed by one fund manager who attended yesterday’s roadshow in London.
But that could change if the circumstances look favourable, and most fund managers say “non-deal” roadshows always result in a deal eventually.
Nigeria’s debut dollar bond issued last year is trading well above its issue price, while elsewhere in Africa, Zambia is seeking bookrunners for a debut $500-$700 million bond — that bond idea was first mooted before the 08/09 financial crisis.