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From Uche Usim, Abuja
The Federal Government on Thursday raised $1.250 billion seven-year Eurobond in the International Capital Market (ICM). This was disclosed by the Debt Management Office (DMO) in a statement, adding that the development makes Nigeria the first African country to access the ICM in 2022.
“Nigeria’s ability to access the ICM at this time is a confirmation of her established presence in the ICM and engagement with investors on a continuous basis.
“The offer was launched at an Initial Price Thoughts of 8.75 per cent per annum and on the back of strong investor demand, Nigeria was able to revise the price guidance to 8.5 per cent per annum. The Order Book continued to grow, reaching a peak of USD 4 billion. The Order Book included many quality investors in the United States, Europe and Asia. With this strong investor interest, the price was tightened to 8.375 per centper annum, the Order Book still remained high at USD 3.676 billion and retained the quality investors.
