Investor Presentaiton
Domestic Debt Market
About 104 commercial papers worth NGN 798.30 billion, and N95billion in corporate bonds were issued in the first half of 2023
Commercial papers
Corporate Bond Activity (2018 - June 2023)
1%
41%
■ Agricultural
■ Consumer foods
28%
■ Financial servies
■ Healthcare
1% Manufacturing
■ Pharmaceutical
2%
■ Real estate
16%
■ Telecommunications
10%
NGN'Billions
20
800
16
17
16
16
600
15
400
10
4
200
5
182
177
368
312
688
95
0
0
2018
2019
2020
2021
2022
YTD
Corporate bond volume
Corporate bond value (N'bn)
FGN Yield Curve as of June 2023
No. of transactions
NGN 798.3 BN
60%
41%
104
Dangote Cement Plc
1%
Total Value of commercial papers issued in Nigeria as at H1 2023
The relative increase in the value of commercial papers issued in
H1'23 to H1'22
The manufacturing sector accounted for 41% of total issuances for
H1 2023, while the financial services accounted for 28%.
Total number of commercial papers issued in Nigeria
The highest issuer of commercial paper in H1'23 with a value of
NGN 138BN
% Yield
25
23.35
15
2050
16.76
15.14
12.41
13.41
10.06
10.63
10
14.69
2Y
3Y
5Y
7Y
10Y
Time to maturity
15Y
20Y
27Y
There was an 86% decline in corporate bond issuances in H1 2023 relative to 2022
which can be attributed to the soaring interest rates and uncertainties in the
macroeconomic environment.
The 10-year FGN bond yield experienced an increase of 21.5% as at June 2023
relative to June 2022. In H1 2023, the FGN issued bonds worth N3.6trn and savings
bond worth N6bn.
Source: FMDQ DQL
The Nigerian Capital Market Update
PwC
Source: FMDQ, PwC Research
August 2023
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