Fidelity is the third Nigerian bank to sell Eurobonds this year after bigger rivals Zenith Bank Plc and United Bank for Africa Plc, while also following the lead of the country’s government, which plans to issue more than double its outstanding dollar debt to $9 billion.
According to Bloomberg, investors have piled into emerging markets to hunt for higher rates as those in developed nations linger near all-time lows.
The Eurobond is the first from Fidelity, which is rated B- by S&P Global Ratings and Fitch Ratings, or six steps into junk territory, since 2013.
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