FG set for $500m bond hybrid roadshow in Lagos

The Nigerian government is set for domestic US dollar bond hybrid roadshow in Lagos.

This was disclosed by the Debt Management Office (DMO) during the launch of the domestic dollar bond in Lagos on Wednesday.

FGN Bonds are typically long-term investments ranging from 3 to 50 years issued by the Debt Management Office (DMO) on behalf of the Federal Government of Nigeria (FGN). Investors earn interest on bonds semi-annually or quarterly.

The Federal Government of Nigeria had earlier announced the launch of its Series I Domestic USD Bond, aiming to raise at least $500 million from both local and international investors.

According to the auction circular released recently, the government is targeting $1 billion in total subscriptions through this bond auction, doubling its initial offer.

This development comes at a time when five of Nigeria’s Eurobonds have been ranked among the worst performers in a Bloomberg index tracking emerging and frontier market sovereign debt.

Earlier, Wale Edun, Minister of Finance and Coordinating Minister of the Economy, confirmed plans to issue $500 million in domestic, foreign currency-denominated bonds in August.