Wednesday, December 1, 2021

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Nigeria raises $4bn through Eurobonds

The Nigerian Government has confirmed that it has raised the sum of $4 billion through Eurobonds.

In a release issued Tuesday by the Debt Management Office, DMO, the agency said the deal was concluded after an intensive two days of virtual meeting with investors across the globe.

It also said that the deal attracted good participation by foreign and local investors who bought into the 3-tranch offer that spans between seven and 30 years.

“After an intensive two (2) days of virtual meetings with investors across the globe, Nigeria has raised the sum of USD4 billion through Eurobonds.

“The Order Book peaked at USD12.2 billion which enabled the Federal Government of Nigeria (FGN) to raise USD1 billion more than the USD3 billion it initially announced,” the DMO said, describing the performance as exceptional.

It said the deal was one of the biggest financial trades to come out of Africa in 2021, adding that it represents “an excellent outcome”.

“Bids for the Eurobonds were received from investors in Europe and America, as well as Asia. There was also good participation by local investors.

“The size of the Order Book and the quality of investors demonstrates confidence in Nigeria,” the nation’s debt managing agency added.

It said the Eurobonds were issued in three tranches as follows:

7 years -USD1.25 billion at 6.125% p.a
12 years -USD1.5 billion at 7.375% p.a
30 years -USD1.25 billion at 8.25% p.a

The last time Nigeria accessed the International Capital Market, ICM, was November 2018.

Nigeria’s debt stock, before this deal, was N33 trillion.

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