UBS Said to End Coverage of Nigerian Bank Eurobonds on Liquidity
- UBS cut coverage of banks including GTBank, Zenith on Thursday
- Nigeria may be cut from Frontier Markets Index, says RenCap
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UBS Group AG ceased its fixed-income research coverage of Nigeria’s banks, according to a person with knowledge of the matter, as international investors increasingly shun Africa’s biggest oil producer and economy.
The lender cut its coverage of five banks on Thursday, including Guaranty Trust Bank Plc and Zenith Bank Plc, Nigeria’s two biggest lenders by market value, citing a lack of liquidity in their Eurobonds, said the person, who asked not to be identified because it hasn’t been made public. Access Bank Plc, Diamond Bank Plc and FBN Holdings Plc, owner of First Bank of Nigeria Ltd., were the other lenders affected, said the person.