Nigeria had a successful return to the international bond market after a two year hiatus, with subscription four times the intended offer of $1.7 billion.
After a long wait all year, the Federal Republic of Nigeria issued a dual-tranche Eurobond offering under its Global Medium Term Note Programme to finance the country’s 2024 fiscal deficit today.
The issuance, which opened and closed today, was oversubscribed in excess of $9 billion and the federal government eventually took just $2.2 billion across both bonds.
The federal government sold $700 million worth of the 6.5 year Eurobond maturing in 2031 at a coupon rate of 9.625 percent and $1.5 billion of the 10-year tenure at 10.375 percent.
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