Report: Nigeria opens order book for $3bn Eurobond

Tony Chukwunyem


Nigeria opened the order book for a $3 billion Eurobond offering on Tuesday, aiming to issue the bond next week, Reuters reported yesterday, citing a notice to investors.


According to the report, the country is aiming to issue the debt in tranches of three tenors – a seven-year at a yield of 6.5 per cent, a 12-year bond at 7.75 per cent and a 30-year at up to 8.625 per cent.


The Federal Govern-ment arranged calls last week and on Monday with global and local investors ahead of the planned issue.


The Debt Management Office (DMO) has said the meetings will precede pricing for the bond to raise up to $3 billion but not more than $6.2 billion. The notice set September 28 for the bond settlement, which will be listed on the London and Nigerian stock exchanges.


The Eurobonds are part of the Federal Government’s plan to raise N2.343 trillion in external financing to help fund spending in 2021 and to part finance the N5.6 trillion deficit. Nigeria picked JPMorgan, Citigroup, Standard Chartered and Goldman Sachs as international bookrunners and local firm Chapel Hill Denham on the forthcoming Eurobond issue.


The last time Nigeria accessed the International Capital Market (ICM) was November 2018.


In a statement, the DMO said the planned bond issuance next week will benefit the country in several ways.


These include boosting the external reserves, thereby helping to support the Naira Exchange Rate, and Nigeria’s sovereign rating; freeing up space in the domestic market for private sector and sub-national borrowers and opening up opportunities for Nigeria’s corporate sector notably banks, to issue Eurobonds to raise capital in the ICM.


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