Nigeria’s Eurobond Yields Fall to Record Low on Oil Price

Nigeria’s $500 million of Eurobonds jumped, with yields falling to a record low after oil added to two weeks of gains.

Borrowing costs on dollar debt due 2021 dropped 14 basis points, or 0.15 percentage points, to 5.15 percent as of 3:09 p.m. in London, the lowest since their issue in January 2011, according to data compiled by Bloomberg. Yields on the international bonds of Africa’s biggest oil producer have declined almost 1 percent this year.