Nigerian 5 year bond falls after large buy from a US Investor

Nigeria’s 5-year bond yield fell 33 basis points on Tuesday after a U.S. investor bought government debt, with uncertainty surrounding presidential elections in Africa’s biggest economy easing, a dealer at a major commercial bank told Reuters.

The yield on the 2019 bond initially fell 2 basis point in early trades on Tuesday, the dealer said, adding that the debt fell further on large buying from the offshore fund.

The 5-year paper traded at 15.03 percent from 15.36 percent the previous day with a total of 8.6 billion naira ($43 million) traded, the dealer said.