The DMO said the West African country attracted demand of
$12.2 billion for the notes, which enabled it to raise the value of its initial
offering by $1 billion.
Nigeria opened its order book for the bond offering on
Tuesday, aiming to issue the bond next week, according to a notice to investors
seen by Reuters.
The West African country issued the debt in tranches of
three tenors. It raised $1.25 billion for seven years at a yield of 6.125% and
sold a 12-year bond at 7.375% to fetch $1.5 billion. A 30-year tranche of $1.25
billion was sold at 8.25%.
Bids were received from Europe, America and Asia with
participation from local investors. The government had arranged a two-day call
with investors last week and on Monday, with the DMO saying that the bond would
be priced following the meetings.
The notice set Sept. 28 for the bond settlement, which will
be listed on the London and Nigerian Stock Exchanges.
The Eurobonds are part of a government plan to raise 2.343 trillion naira ($5.71 billion) in external financing to help fund spending in 2021 and to partly finance the 5.6 trillion naira deficit.
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