This website (the “Service”) provides factual information and indicative prices for selected African sovereign Eurobonds. By accessing or using the Service you confirm that you have read, understood and accepted the terms below.
1. Information only — no advice
The Service is provided for general informational purposes only. Nothing on it constitutes, or is intended to constitute, financial, investment, legal, tax or any other form of advice or recommendation. No content should be relied upon as the basis for any investment decision.
2. No trade execution or facilitation
The Service does not execute, arrange, broker, route or otherwise facilitate the buying, selling or trading of any security or financial instrument. It offers no order routing, no brokerage and no means of transacting. Any decision to trade is made solely by you, at your own risk, through your own regulated broker or counterparty.
3. Factual information only
The Service presents factual reference data and computed indicative figures. It does not provide its own opinions, forecasts, ratings, price targets or buy/sell signals. Where a credit rating is shown, it is the published opinion of the named rating agency as at the date shown, found by public screening of the agency’s and the issuer’s own announcements and linked to its source; it is not our opinion, we do not endorse it, and it may be out of date. Rating agencies and rights holders may ask for a correction or removal through the contact page.
4. Data sources
Reference data — bond terms, documents and payment calendars — is obtained from publicly available and lawfully accessible sources, chiefly the issuers’ own offering documents. Prices are based on dealer pricing, used with permission. The Service receives no licensed market-data feed from any third-party data vendor and does not redistribute any vendor’s proprietary feed.
5. How prices are produced
Each bond’s daily close is, in order: the end-of-day dealer price under clause 4; the Nigeria Debt Management Office’s published close; or, on a day with neither, the Service’s own model close. Between dealer prices during the day, prices are moved by the Service’s own model. The basis of every close is shown with it, and the closing-price methodology sets out how each is captured and checked. All prices and yields are indicative — not executable quotes — and may differ materially from prices available in the market or from any third party.
6. No warranty — provided “as is”
The Service is provided “as is” and “as available”, without warranty of any kind, express or implied, including as to accuracy, completeness, timeliness or fitness for a particular purpose. Figures may be delayed, incomplete or contain errors.
7. No liability
To the maximum extent permitted by law, we accept no liability for any loss or damage of any kind arising from the use of, or reliance on, the Service or its content.
8. Free of charge — no registration
The Service is provided free of charge. Users are not required to register, create an account, or provide any personal information to access it. The optional e-mails (the daily close and the weekly summary) need only an e-mail address, given by the person who signs up, and can be stopped at any time with one click. Some uses of the data need a licence; see clause 10.
9. Not a solicitation
Nothing on the Service constitutes an offer, solicitation or inducement to buy or sell any security in any jurisdiction.
10. Using our data
The pricing model, computations, content and design of the Service are our property. You may use them as follows.
Free, without a licence:
- viewing the Service and using it for your own information and research;
- quoting individual prices, yields or closes in an article, report, note or presentation, credited to “African Eurobonds (africaneurobonds.com)” with the close date or time, and described as indicative, not an executable quote;
- showing on your own website, article or newsletter the price cards and curve widgets we offer for that purpose (see Price cards for your site), as we supply them: unaltered, with their date, credit and link back to the Service. A few cards in one article are a quote; lining many up into a price table, a list or a regular price feature is republishing a set, below;
- using the closing-price files in your own records and valuations, as set out in clause 13;
- occasional use of the API within the limits on the API page.
A licence is needed to:
- republish sets of our prices, yields or closes — for example a table, a time series or a regular feature in a newsletter, research product, website or report offered to others, paid or free;
- redistribute our files or API output, or offer them to others as a data or pricing service;
- feed our data into a product, model, index or system used by or for others;
- use the API systematically or in bulk, or for any of the above.
Licences may carry a fee. Permission is given only in writing; ask at contact@africaneurobonds.com.
11. Your responsibility
You should conduct your own research and seek independent advice from an appropriately authorised professional before making any financial decision.
12. Privacy & analytics
Nothing on the Service needs an account. An optional account (My portfolio), opened with an e-mail sign-in link and no password, keeps a watchlist and, if you add one, a portfolio (the bonds, their face amounts and, if you give them, the cost and settlement date), and sends alerts and statements if you turn them on; we hold the address, the lists and the settings until you delete the account, which you can do at any time on My portfolio. The Service does not set advertising or tracking cookies, and does not sell personal information. We use a cookieless, privacy-friendly analytics service solely to count aggregate page views and visits (e.g. how many people viewed the site and from which country), which helps us decide what to improve. If you sign up for our e-mails, we hold your e-mail address only to send them, until you unsubscribe, and we see whether each e-mail was opened and which links were clicked. If you email us, we use your message and address only to respond to it. The privacy notice sets out what is collected, why, who processes it and your rights.
13. Using closing prices in a valuation
The data room lets you download the Service’s end-of-day closing prices for a period and a selection of bonds (the “closing-price files”). Each file opens with a header recording when it was generated, what was requested, the basis of every close and a file identifier. You may use these files in your own records, including in valuing portfolios you manage, on the following conditions, which you accept by ticking the box on the download form:
- The prices are indicative. They are not quotes, not traded prices and not offers to deal, and a bond may not be tradable at or near them. Each row states its basis: an end-of-day market close, the Nigeria Debt Management Office’s published close, or the Service’s own model close on a day without a market close. How each close is captured, checked and corrected is set out in the closing-price methodology; each file names the version in force when it was generated.
- Your valuation remains your responsibility. Whether, and how, these prices may be used under your valuation policy, your fund’s documents and the rules of your regulator is for you, your valuation committee and your auditors to decide. We are not a regulated pricing or valuation agent, we do not confirm that any price meets any regulatory requirement, and we do not value your holdings.
- A close may be corrected after it is published. A file reflects the record at the moment it was generated and is not updated afterwards; the file identifier changes whenever any price in a file differs.
- You may share a file with your auditors, trustees, custodian and regulator. Publishing or reselling the files, or offering them to others as a pricing service, needs our written permission (clause 10).
- Clauses 6 (no warranty) and 7 (no liability) apply in full to the closing-price files.
14. Operator, contact & governing law
The Service is operated from the United Kingdom under the name “African Eurobonds”. Address: 167–169 Great Portland Street, 5th Floor, London W1W 5PF, United Kingdom. Contact: contact@africaneurobonds.com.
These terms, and any dispute or claim arising out of or in connection with them or the Service, are governed by the laws of England and Wales, and the courts of England and Wales have exclusive jurisdiction. Nothing in these terms affects any statutory rights you may have as a consumer in your country of residence that cannot be excluded by agreement.
15. Changes
We may update these terms at any time. Continued use of the Service constitutes acceptance of the then-current terms.