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Economy | Budget and Plans

Nigeria Raises $1.25bn Through Eurobonds

Mar 18, 2022   •   by Proshare Research   •   Source: Proshare   •   eye-icon 132 views

Friday March 18, 2022 / 09:48 AM / by DMO Nigeria / Header Image Credit:  DMO Nigeria 

Nigeria has priced $1.25bn 7-year Eurobond in the International Capital Market (ICM). This development makes Nigeria the African country to access the ICM in 2022. Nigeria's ability to access the ICM at this time is a confirmation of her established presence in the ICM and engagement with investors on a continuous basis.

The Offer was launched at an Initial Price Thoughts of 8.75% per annum and on the back of strong investor demand, Nigeria was able to revise the price guidance to 8.5% per annum. The Order Book continued to grow, reaching a peak of USD 4 billion. The Order Book included many quality investors in the United States, Europe, and Asia. With this strong investor interest, the price was tightened to 8.375% per annum, the Order Book still remained high at USD 3.676 billion and retained the quality investors. Nigerian investors also participated in the Offer with a total subscription of USD 60 million.

The proceeds of the Eurobond will be used to finance critical capital projects in the Budget to bridge the deficit in infrastructure and strengthen Nigeria's economic recovery. Equally important, it would contribute directly and in full to the level of Nigeria's External Reserves.

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