Bonds maturing in 2047 were quoted just below 56 cents on the dollar by 2.55 p.m. in London, down from 58.37 cents on Tuesday, while debt maturing in 2049 and 2051 also declined. Six bonds from the West African nation were offered at least 1,000 basis points over US Treasuries, a level typically considered distressed, according to a Bloomberg index tracking sovereign debt from emerging markets.
The government is discussing the restructuring with the International Monetary Fund and the World Bank, Ahmed said in a separate interview with Lagos-based newspaper. The country is considering tapping the IMF’s newly created Food Shock Window that provides member nations with access to emergency financing instruments, she said.
While Nigeria’s debt as a proportion of gross domestic product is 23.1%, Africa’s largest economy faces a rising debt-service burden that the World Bank estimates will exceed government revenue this year.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Business Maverick: UK pension funds selling stokes fear across global bond marketsPension funds in the UK are dumping assets to meet margin calls as the Bank of England confirmed it will end emergency bond buying, and the reverberations are being felt everywhere from Sydney to Frankfurt and New York.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Biden calls Putin a ‘rational actor’ who ‘miscalculated’ with Ukraine warUS President Joe Biden said the his country has gamed out responses if Russian President Vladimir Putin uses a nuclear weapon in Ukraine. The US likes fighting battles on other people’s soils.. the Ukrainians are the one’s feeling the consequences, one will be forgiven for thinking this is Russia v Ukraine war, nah it’s pretty much clear where the “president” takes orders from The only game this Biden poephol knows is tiddlywinks
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Saudi Arabia will face ‘consequences’ for OPEC+ cutUS President Joe Biden said there would be “consequences” for Saudi Arabia over the decision by OPEC+ to slash production, a move the administration says will benefit Russia by propping up oil prices. The Western Dictates Other Countries How to Run the business.Biden is a🤡whats next sanctions against Saudi Dementia is really setting in now Biden should open up US oil production and he will not need to beg foreign governments for oil. Very strange policy
Source: dailymaverick - 🏆 3. / 84 Read more »