After an intensive 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 to raise USD1 billion more than the US3 billion it initially announced.
This exceptional performance has been described as “one of the biggest financial trades to come out of Africa in 2021” and “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 Euro Bonds were issued in three tranches details below:
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 long tenors of the Eurobonds and the spread across different maturities are well aligned with Nigeria’s Debt Management Strategy for 2022 – 2023.
Since the Eurobonds were issued as part of the New External Borrowing in the 2021 Appropriation Act, the raising of USD40 billion through Eurobonds provides a significant amount of funds to finance projects in the Act thus contributing to the implementation of the 2021 Appropriation Act.
Debt Management Office
NDIC Building (First floor)
Plot 447/448 Constitution Avenue
Central Business District