FG floats US$3bn dual-tranche bond

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Kemi Adeosun

The Federal Government on Monday announced that it has priced its offering of US$3 billion aggregate principal amount of dual series notes under its US$4.5 billion Global Medium Term Note programme (increased from US$1.5 billion).

The Notes comprise a US$1.5 billion 10-year series and a US$1.5 billion 30-year series.

The 10-year series will bear interest at a rate of 6.5%, while the 30-year series will bear interest at a rate of 7.625%, which will be repayable with a bullet repayment of the principal on maturity.

The offering, which attracted significant interests from leading global institutional investors, is expected to be closed on or about 28 November, 2017, subject to the satisfaction of various customary closing conditions.

When issued, the Notes will be admitted to the official list of the UK Listing Authority and available to trade on the London Stock…

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