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