Nigeria’s 4th Eurobond undergoes successful pricing

The minister of Finance, Kemi Adeosun has announced the successful pricing of Nigeria’s 4th Eurobond. Yesterday, the minister declared open, the bond, which is said to be a 10-year bond at a yield of 6.5% and a 30-year bond at a yield of 7.625%.

I'm pleased to announce the successful pricing of Nigeria's 4th Eurobond—a 10-year bond at a yield of 6.5% and a 30-year bond at a yield of 7.625%.

Proceeds will be used to fund approved budgetary expenditures, as well as for the refinancing of domestic debt. https://t.co/fxNgedUwMH

— Kemi Adeosun (@HMKemiAdeosun) November 20, 2017

“Nigeria floats US$3bn dual-tranche bond, comprising a US$1.5 billion 10-year series and a US$1.5 billion 30-year series. The 10-year series will bear interest at a rate of 6.5%, while the 30-year series will bear interest at a rate of 7.625%,”  the minister said.

The pricing of the notes was determined following a roadshow led by the Finance Minister, Minister of Budget and National Planning, Udoma Udo Udoma, the CBN Gov Godwin Emefiele, the Director-General, debt management office,  Ms. Patience Oniha, and Director-General, Budget Office of the Federation, Mr. Ben Akabueze.

The offering is expected to be closed on/about 28 Nov 2017,subject to satisfaction of various customary closing conditions. When issued,the Notes will be admitted to the official list of the UK Listing Authority & available to trade on the London Stock Exchange’s regulated market.