SecteursNigeria: Fidelity Bank issued a 5-y USD300m Eurobon

Nigeria: Fidelity Bank issued a 5-y USD300m Eurobon

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Fidelity-BankFidelity Bank issued a 5-y USD300m Eurobond with a coupon of 6.875%. The issue price was 99.48 and the spread 635 bps over UST (7% yield).      In our view, fair value was probably initially between 6.5% and 6.75%, slightly below the actual yield at issuance. That said, we expected the bond to trade at a premium to Access Bank 17s (475 bps over UST) and GTB 16s (421 bps) which is consistent with the fundamentals of these respective institutions. 

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