{"id":15131,"date":"2012-10-01T17:23:40","date_gmt":"2012-10-01T15:23:40","guid":{"rendered":"http:\/\/www.myza.co.za\/10\/nigeria-joins-jp-morgan-government-bond-index\/"},"modified":"2012-10-01T17:23:40","modified_gmt":"2012-10-01T15:23:40","slug":"nigeria-joins-jp-morgan-government-bond-index","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/nigeria-joins-jp-morgan-government-bond-index\/","title":{"rendered":"Nigeria joins JP Morgan government bond index"},"content":{"rendered":"

\t\t<\/span><\/p>\n

By Tosin Sulaiman<\/span><\/p>\n

<\/span><\/p>\n

JOHANNESBURG<\/span> Oct 1 (Reuters) – Nigeria joined a key JP
\nMorgan local currency government bond index on Monday, becoming
\nthe second African country after South Africa to be included in
\na widely followed index thanks to its improving liquidity
\nlevels.<\/p>\n

<\/span><\/p>\n

The west African country’s entry into the JP Morgan
\nGovernment Bond Index-Emerging Markets (GBI-EM) from Oct. 1
\ncould translate into at least $1.5 billion of inflows to the
\nbond market, the bank estimates.<\/p>\n

<\/span><\/p>\n

It will raise the profile of Africa’s most liquid debt
\nmarket after South Africa and is expected to lead to greater
\nforeign participation, given that Nigerian yields offer a
\nsignificant premium to established sovereign lenders.<\/p>\n

<\/span><\/p>\n

“It’s now seen as a market that can’t be ignored
\ninternationally and one of the frontier markets where you need
\nto have a position,” said Samir Gadio, emerging markets
\nstrategist at Standard Bank.<\/p>\n

<\/span><\/p>\n

The entry of Africa’s top crude oil producer into the GBI-EM
\ncomes as South Africa joins Citigroup’s World Government Bond
\nIndex, although funds tracking the latter are estimated at $2
\ntrillion compared with $180 billion for the JP Morgan index.<\/p>\n

<\/span><\/p>\n

At around $25 billion, Nigeria’s sovereign debt market is
\nstill dwarfed by South Africa’s $100 billion. Secondary market
\nturnover is also around a fifth of its more developed peer.<\/p>\n

<\/span><\/p>\n

However, analysts said Nigeria’s addition to the GBI-EM
\nmarks it out as one of the more accessible markets on the
\ncontinent for foreign investors.<\/p>\n

<\/span><\/p>\n

“Nigeria has done a lot of work in recent years in
\ndeveloping its bond market to improve liquidity,” said Leon
\nMyburgh, sub-Saharan Africa strategist at Citi.
\n\u00a0 Continued…<\/strong><\/span><\/p>\n

<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

By Tosin Sulaiman JOHANNESBURG Oct 1 (Reuters) – Nigeria joined a key JP Morgan local currency government bond index on Monday, becoming the second African country after South Africa to be included in a widely followed index thanks to its improving liquidity levels. The west African country’s entry into the JP Morgan Government Bond Index-Emerging […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[830,2370,183],"class_list":{"0":"post-15131","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-news","8":"tag-reuters","9":"tag-south-africa-2","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/15131","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=15131"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/15131\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=15131"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=15131"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=15131"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}