Business and Economy

Nigeria raises another $2.86bn in Eurobonds from Global Investors

The Federal Government has announced that it has priced its $2.86bn Eurobonds offerings with over-subscription from global investors.

The Eurobond was offered in triple series notes under the Federal Government’s global medium term note programme.

The offering has attracted significant interest from leading global institutional investors with a peak combined order book of over $9.5bn, which reflects an over-subscription of more than three times, in a statement from Paul Ella Abechi, the Special Adviser to the Minister of Finance (Media & Communications), said yesterday.

He explained that the “notes comprise a $1.18bn 7-year series, $1.00bn 12-year series and a $750 million 30-year series.

“The offering is expected to close on or about November 21, 2018, subject to the satisfaction of various customary closing conditions.”

The notes represent Nigeria’s sixth Eurobond issuance, following issuances in 2011, 2013, two in 2017 and one in early 2018 and its first triple-tranche offering.

Commenting following the successful pricing, the Minister of Finance, Mrs. Zainab Ahmed, said, “The proceeds of this issuance will provide critical financing for projects in transportation, power, agriculture, housing, healthcare and education, as well as the capital elements of our social investment programmes. Nigeria’s Economic Recovery and Growth plan is delivering results.”

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