Eurobond issue four times oversubscribed as Nigeria sinks deeper into debt

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The Federal Government of Nigeria successfully raised $4 billion from the Eurobond market, with the issue 400 per cent  oversubscribed but pricing remains expensive.

This, according to the Debt Management Office, surpassed its initial target of $3 billion for the first tranche.

The success of the issue according to experts is making the government consider tapping the Eurobond market for more funds, even as they consider this an indication of heightened investor confidence and interest in the Nigerian debt instrument.

The yields for the issue were at 6.13 per cent (7-yr tenor), 7.38 per cent  (12-yr tenor) and 8.25 per cent (30-yr tenor).

Analysts say this is positive news for the…



Source: Nigerian Tribune