Nigeria sells $1bn eurobond after prolonged process

Listen to this article

00:00
00:00

After a year of setbacks in its attempts to tap international bond markets, Nigeria has sold a $1bn eurobond.

The deal was priced at a yield of 7.875 per cent and was approximately 8 times oversubscribed, the government said in a statement.

“Nigeria is delighted to have successfully priced its third Eurobond issue. We have successfully extended the tenor of our borrowing programme in the international capital markets to 15 years, at a price that reflects belief in the quality of Nigeria’s cash flows and government,” said Debt Management Office director General Abraham Nwankwo

Copyright The Financial Times Limited 2017. All rights reserved. You may share using our article tools. Please don't copy articles from FT.com and redistribute by email or post to the web.