This is was brought to our knowledge through a press release from the Debt Management Office (DMO). “The Order book peaked at $12.2 billion, which enabled the Federal Government to raise $1 billion more than the $3 billion it initially announced,” they said.
Bids were collected from Europe, America and Asia with collaboration from local investors. The government had set up a two-day call with investors last week and on Monday, with the DMO saying that the bond would be priced following the meetings.
The notice set September. 28 for the bond settlement, which will be among the London and Nigerian Stock Exchanges.
The Eurobonds are part of a government plan to raise 2.343 trillion naira ($5.71 billion) in external financing to help fund spending in 2021 and to partly finance the 5.6 trillion naira deficit.
DMO issued the debt in tranches of three tenors. It raised $1.25 billion for seven years at a yield of 6.125% and sold a 12-year bond at 7.375% to fetch $1.5 billion. A 30-year tranche of $1.25 billion was sold at 8.25%.
On the upcoming Eurobond issue, Nigeria chose JPMorgan, Citigroup, Standard Chartered, and Goldman Sachs, as well as local firm Chapel Hill Denham.
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