Nigeria’s Eurobond issuance has achieved a significant milestone, raising $2.2 billion after returning to the international market.
This comes with a remarkable $9 billion oversubscription of the bond.
The bond issuance, which began on Monday under the Global Medium Term Note Programme, aimed for a target issuance of $1.7 billion but was oversubscribed. The federal government plans to use the Eurobond to address the country’s fiscal deficit.
The issuance included two tranches: $700 million worth of a 6.5-year Eurobond maturing in 2031 at a coupon rate of 9.625%, and $1.5 billion of a 10-year Eurobond at 10.375%.
Finance Minister Wale Edun had earlier announced plans to issue a $1.7 billion Eurobond as part of an external borrowing plan to strengthen the country’s finances and support economic reforms.
This successful issuance marks another step in Nigeria’s efforts to diversify its funding sources and attract foreign investment.
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