After series of delays, the Nigerian Government has released the pricing of its $1bn Eurobond, with the bond approximately eight times oversubscribed with orders in excess of $7.8bn.
According to the Director of Information in the Federal Ministry of Finance, Salisu Dambatta, the bond would bear an interest rate of 7.87 per cent, and would be repaid after 15 years.
According to the statement, the pricing of the bond was determined following a roadshow to key global financial centres led by the Minister of Finance, Kemi Adeosun; Minister of Budget and National Planning, Senator Udo Udoma; and Governor of the Central Bank of Nigeria, Godwin Emefiele.
The statement said despite continued volatility in emerging and frontier markets, the over – subscription of the bond is a demonstration of the confidence by the international investment community in Nigeria’s economic reform agenda.
