Nigeria’s return to the international capital market has recorded a resounding success, with investors placing over $13 billion in bids for the Federal Government’s $2.35 billion offer, representing an oversubscription of about 453 per cent.
In a statement yesterday, the Debt Management Office (DMO) said the dual-tranche issuance comprised a $1.25 billion 10-year bond due 2036 and a $1.10 billion 20-year bond due 2046, priced at coupon rates of 8.63 per cent and 9.13 per cent, respectively.
The transaction, which generated the largest-ever orderbook in Nigeria’s Eurobond history, drew wide participation from investors across the United Kingdom, North America, Europe, Asia, the Middle East, and Nigeria itself.
Participants included fund managers, pension funds, insurance companies, hedge funds, banks, and other institutional investors. The statement quoted President Bola Tinubu as saying: “We are delighted by the strong investor confidence demonstrated in our country and our reform agenda.
