…Orders top $13bn
Nigeria successfully priced $2.35 billion in Eurobonds maturing in 2036 and 2046, marking the largest-ever orderbook achieved by the country and underscoring strong investor confidence in its macroeconomic policies and fiscal management.
The 10-year, $1.25 billion bond, maturing in 2036, was priced at a coupon of 8.6308 percent, while the 20-year, $1.10 billion note due in 2046, carried a coupon of 9.1297 percent.
The transaction, concluded Wednesday, attracted orders exceeding $13 billion, reflecting broad-based demand from investors across multiple jurisdictions, including the United Kingdom, North America, Europe, Asia, and the Middle East, the Debt Management Office (DMO) said in a statement.
Nigerian investors also participated in the Eurobond offer, signaling domestic endorsement of the government’s reform agenda.
Demand spanned a range of investor classes, with fund managers, insurance and pension funds, hedge funds, banks, and other financial institutions among the participants.
“We are delighted by the strong investor confidence demonstrated in our country and our reform agenda. This development reaffirms Nigeria’s position as a recognised and credible participant in the global capital market,” President Bola Tinubu commented, while highlighting the significance of the offering.
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The federal government views the Eurobond offer as an important component of its broader financing strategy, with proceeds intended to cover the 2025 fiscal deficit and support other government financing needs.
Analysts say the offering demonstrates Nigeria’s sustained ability to tap international capital markets for long-term funding despite a challenging global environment.
“This successful market access demonstrates the international community’s continued confidence in Nigeria’s reform trajectory and our commitment to sustainable, inclusive growth,” Wale Edun, minister of Finance and coordinating minister of the Economy, commented on the market reception.
For Patience Oniha, director-general, DMO, “Nigeria’s ability to access the Eurobond market to raise long term funding needed to support the growth agenda of President Bola Ahmed Tinubu is a major achievement for Nigeria and is consistent with the DMO’s objectives of supporting development and diversifying funding sources.”
The Eurobonds will be listed on the London Stock Exchange’s regulated market, the FMDQ Securities Exchange Limited, and the Nigerian Exchange Limited.
Market participants say the listing is expected to enhance liquidity and attract a diverse investor base, reinforcing Nigeria’s status in the global bond market.
Joint bookrunners for the Eurobond issuance included Chapel Hill Denham, Citigroup, Goldman Sachs, J.P. Morgan, and Standard Chartered Bank, while FSDH Merchant Bank Limited served as financial adviser.
Observers noted that the successful pricing of both long-tenor instruments at competitive yields reflects strong investor appetite for Nigerian sovereign debt, bolstered by the government’s ongoing policy reforms and prudent fiscal management.