Nigeria's US$1 Billion Eurobond Issue Eight Times Over-subscribed

Nigerian Finance Minister Kemi Adeosun says the country's US$1 billion eurobond issue offered in the international market has been eight times over-subscribed at an interest rate of 7.875 per cent.

She said here Thursday that the Notes were approximately eight times over-subscribed with orders in excess of US$7.8 billion being received compared with a pre-issuance target of US$1 billion USD, demonstrating the strong market appetite for Nigerian bonds.

"This is despite continued volatility in emerging and frontier markets and shows confidence by the international investment community in Nigeria's economic reform agenda," she added.

The bond will mature on Feb 16, 2032, with a bullet repayment of the principal.

Adeosun and Central Bank Governor Godwin Emefiele, Budget Minister Senator Udoma Udo Udoma as well as other top officials of the Debt Management Office went on a roadshow from last week through this week, which took them to global financial centres in Europe, Southern Africa and the United States to promote the bond issue.