FG Repays $500m Eurobond Borrowed From International Investors
By Patience Ikpeme
The Nigerian government has redeemed $500 million Eurobond to investors which fell due on July 12, 2023.
The latest $500 million debt redemption, brings the total amount of securities redeemed by Nigeria in the International Capital Market (ICM) to US$1.8 billion. Debt Management Office (DMO) has confirmed in a statement issued last night.
The Eurobond was issued in July 2013 (as part of a dual-tranche $1 billion Eurobond) for a tenor of ten (10) years at a coupon/interest of 6.375% per annum.
Nigeria had previously redeemed a $500 million Eurobond in July 2018, another $500 million Eurobond in January 2021, and a $300 million diaspora bond in June 2022.
These, together with the $500 million Eurobond redeemed on July 12, 2023, brings the total amount of securities redeemed by Nigeria in the International Capital Market (ICM) to $1.8 billion.
Nigeria’s successful redemption of its Eurobonds and Diaspora Bond in the ICM over the past six years is a demonstration of its strong debt management operations and planning”, Nigeria’s debt office clarified”.
The Eurobond is a type of bond sold to investors in markets outside the country of the currency in which the bond is denominated.
