By Omodele Adigun
The Eurobond was offered to the international capital markets in two tranches of $1.25 billion 10-year Eurobond and $1.10 billion 20-year Eurobond maturing in 2036 and 2046, respectively.
In its statement, the Debt Management Office (DMO), said Nigeria was pleased that the bond attracted a wide range of investors from multiple jurisdictions including the United Kingdom, North America, Europe, Asia, Middle East and participation from Nigerian investors.
The DMO described the oversubscription as an expression of continued investor confidence in the country’s sound macro-economic policy framework and prudent fiscal and monetary management.
“The transaction attracted a peak orderbook of over US$13 billion, marking the largest ever orderbook achieved by the Republic. This significant milestone underscores the strong support for the transaction across geography and investor class.
“With respect to investor class, demand came from a combination of Fund Managers, Insurance and Pension Funds, Hedge Funds, Banks and other Financial Institutions.”
President Bola Tinubu was particularly delighted by the successful outcome of the offer, saying the country was delighted by the strong investor confidence demonstrated in our country and our reform agenda.
“This development reaffirms Nigeria’s position as a recognised and credible participant in the global capital market.”.
Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, also said: “this successful market access demonstrates the international community’s continued confidence in Nigeria’s reform trajectory and our commitment to sustainable, inclusive growth.”
