Following the West African oil producer’s downgrading by another rating agency, Moody’s, a week earlier, Nigeria’s dollar-denominated government bonds declined ahead of S&P Global’s review of its credit rating.
According to Tradeweb statistics, the 2038 maturity of Nigeria’s bonds plummeted the most, to 69.189 cents in the dollar, by as much as 2.659 cents.
Due to a combination of Moody’s downgrading and the general risk-off attitude, the bonds had declined for two straight days, with the price of the 2038 maturity falling as low as 68.528 cents. Prior to the decline, it then rose as high as 73.375 cents.
