Nigeria, Angola Dollar Bonds Tumble As Oil Shock Hits Producers

Sovereign dollar-denominated bonds issued by African oil exporters tumbled to record lows on Thursday, with longer-dated Nigerian and Angolan bonds losing around 10 cents after oil prices took another hammering from a U.S. travel ban.

Sovereign dollar-denominated bonds issued by African oil exporters tumbled to record lows on Thursday, with longer-dated Angolan and Nigerian bonds losing around 10 cents after oil prices took another hammering from a U.S. travel ban.

Angola’s 2048 issue XS1819680528=TE dropped 10.95 cents in the dollar to 61.25 cents, having nearly halved in price from their mid-February peak when they traded at nearly 112 cents, Trade web data showed.

Bonds issued by Africa’s top oil exporter Nigeria maturing in 2049 XS1910828182=TE tumbled 8.6 cents to 76.6 cents, a sharp decline from the 117 cents in February.

Fellow crude producer Gabon also felt the pressure, with its 2024 dollar bonds XS1003557870=TE slipping nearly 8 cents to 81.05 cents.