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Business JPMorgan Adds Nigeria's Next 10-year Bonds to its Index


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In a bid to increase foreign investment in the country, Nigeria's bonds for the next 10 years will be added to JPMorgan's index series, says Patience Oniha, executive director of market development at the Debt Management Office, DMO.

Extract from #Bloomberg:

Nigeria’s 10-year bonds will be added to the JPMorgan Chase & Co.’s (JPM) benchmark emerging-market index series, the nation’s debt management agency said.

The debt due 2024 will become part of the gauge by Aug. 29, Patience Oniha, executive director in charge of market development at the Debt Management Office, said by phone from the capital, Abuja. The inclusion reaffirms the strength of the Nigerian bond market, she said

JPMorgan added the West African nation’s bonds due 2014, 2019 and 2022 to its emerging-market index series in 2012, predicting the inclusion may lure $1.5 billion of portfolio investments to Africa’s biggest oil producer. Barclays added some of the country’s debts to its index last year.

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