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Nigeria raises $4 billion Eurobond on healthy investor demand

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19/10/2021
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Nigeria raises $4 billion Eurobond on healthy investor demand

Nigeria raises $4 billion Eurobond on healthy investor demand

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Nigeria finance minister blames Naira’s dive on overdue payments

Nigeria finance minister blames Naira’s dive on overdue payments

22/09/2023
1
Nigeria asks banks to save forex gains amid currency risks

Nigeria asks banks to save forex gains amid currency risks

16/09/2023
4

ABUJA, Sept 21 (Reuters) – Nigeria raised $4 billion via a Eurobond issue on Tuesday after investors demanded more than four times the amount on offer, the Debt Management Office (DMO) said.

The DMO said the West African country attracted demand of $12.2 billion for the notes, which enabled it to raise the value of its initial offering by $1 billion.

Nigeria opened its order book for the bond offering on Tuesday, aiming to issue the bond next week, according to a notice to investors seen by Reuters.

The West African country issued the debt in tranches of three tenors. It raised $1.25 billion for seven years at a yield of 6.125% and sold a 12-year bond at 7.375% to fetch $1.5 billion. A 30-year tranche of $1.25 billion was sold at 8.25%.

Read more: Nigeria picks international banks for eurobond issue to finance deficit

Bids were received from Europe, America and Asia with participation from local investors. The government had arranged a two-day call with investors last week and on Monday, with the DMO saying that the bond would be priced following the meetings.

The notice set Sept. 28 for the bond settlement, which will be listed on the London and Nigerian Stock Exchanges.

The Eurobonds are part of a government plan to raise 2.343 trillion naira ($5.71 billion) in external financing to help fund spending in 2021 and to partly finance the 5.6 trillion naira deficit.

Nigeria picked JPMorgan, Citigroup, Standard Chartered and Goldman Sachs as international bookrunners, and local firm Chapel Hill Denham on the forthcoming Eurobond issue.

($1 = 410.50 naira)

(Reporting by Chijioke Ohuocha; Editing by Catherine Evans and Edmund Blair)

Source : https://www.cnbcafrica.com/2021/nigeria-raises-4-billion-eurobond-on-healthy-investor-demand/

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