Bank of New York Mellon Corporation in collaboration with Standard Bank Group Limited is launching global depositary notes backed by Nigerian sovereign debt denominated in naira, Bloomberg reported on Wednesday.
The initiative is designed to give international investors streamlined access to the elevated yields available in Nigeria, Africa’s most populous nation.
The depositary notes will be eligible for settlement through major international clearing systems: Euroclear and Clearstream, enabling broader participation from global institutional investors.
This development represents a significant milestone in efforts to deepen foreign access to Nigeria’s local debt market.
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According to Bloomberg, Nigeria sold 182-day Treasury bills on June 4, 2025 at a yield of 18.5 percent, while its 2033 benchmark bond was trading at a yield of 19.33 percent as of Wednesday — among the highest returns in emerging markets.
As stated by the global head of depositary receipts at BNY Mellon, Chris Kearns, the programme is expected to help unlock investment potential across Africa and contribute to the development of capital markets on the continent.
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