Tue, 18 Jan 2022

 

Foreign investors rush Nigeria's Eurobond, oversubscribe four times
 
By: Cletus Sunday Ilobanafor
Wed, 22 Sep 2021   ||   Nigeria,
 

Wednesday 22 September 2021: -In a clear vote of confidence in Nigeria’s economy, the country raised $4 billion via a Eurobond issue on Tuesday, with investors demanding more than four times the amount on offer.

According to a statement Tuesday night by the Debt Management Office (DMO), investors from, Nigeria, Europe, Asia and America demanded $12.2 billion for the notes.

Thus Nigeria increased its initial offer value from $3billion to $4billion.

“This exceptional performance has been described as ‘one of the biggest financial trades to come out of Africa in 2021 and an excellent outcome”, said the DMO in a statement.

“The size of the Order Book and the quality of investors demonstrate confidence in Nigeria”, the DMO said.

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

The country issued the debt in tranches of three tenors.

 

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