Nigeria sells $1bn eurobond after prolonged process

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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

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