Mellon and Standard Bank Group have launched global depositary notes (GDNs) backed by Nigerian government debt, all denominated in naira. This new program is designed to make it much easier for international investors to tap into Nigeria’s high-yielding local bonds and Treasury bills, some of the most attractive in emerging markets.
Nigeria’s sovereign debt is known for its strong returns. Just this month, the country’s 182-day Treasury bills were sold at a yield of 18.5%, while its 2033 benchmark bond was trading at 19.33%. These elevated yields have long attracted attention, but access for foreign investors has been limited, until now.
With the new GDNs, investors around the world can buy into Nigerian debt through major international clearing systems like Euroclear and Clearstream. This means broader participation from global institutions and a smoother, safer way to settle transactions.
Chris Kearns, BNY Mellon’s global head of depositary receipts, says the initiative “unlocks investment potential across Africa and contributes to the development of capital markets on the continent.” Standard Bank’s Sola Adegbesan adds that the program offers “a simplified entry point into Nigeria’s debt market,” making the country’s dynamic economy more accessible than ever.
For investors seeking high returns and new opportunities, Nigeria’s doors just opened a little wider.
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