THUR NOV 06 2025-theGBJournal| Nigeria’s new 10- and 20-year Eurobonds issued Wednesday attracted more than $12 billion in orders, making it the country’s largest-ever orderbook-400% oversubscription.
The Debt Management Office said this significant milestone underscores the strong support for the transaction across geography and investor class.
With respect to investor class, demand came from a combination of Fund Managers, Insurance and Pension Funds, Hedge Funds, banks and other financial institutions.
“We are delighted by the strong investor confidence demonstrated in our country and our reform agenda. This development reaffirms Nigeria’s position as a recognised and credible participant in the global capital market.”.
According to the Minister of Finance and Co-ordinating Minister of the Economy, Mr. Wale Edun, ”this successful market access demonstrates the international community’s continued confidence in Nigeria’s reform trajectory and our commitment to sustainable, inclusive growth.”
Patience Oniha, Director-General of the Debt Management Office (DMO), stated that, ”Nigeria’s ability to access the Eurobond Market to raise long term funding needed to support the growth agenda of President Bola Ahmed Tinubu is a major achievement for Nigeria and is consistent with the DMO’s objectives of supporting development and diversifying funding sources.”
The Notes will be admitted to the official list of the UK Listing Authority and available to trade on the London Stock Exchange’s regulated market, the FMDQ Securities Exchange Limited and the Nigerian Exchange Limited.
The proceeds from this Eurobond issuance will be used to finance the 2025 fiscal deficit and support the government’s other financing needs.
The Eurobond issuance comes at a time when key economic indicators are showing steady improvement, including moderating inflation, a firmer and more stable exchange rate, and solid GDP growth.
Nigeria’s recent removal from the FATF Grey List has also boosted investor confidence, reinforcing Nigeria’s image as a more stable investment destination.
Nigeria mandated Chapel Hill Denham, Citigroup, Goldman Sachs, J.P. Morgan and Standard Chartered Bank as Joint Bookrunners.
FSDH Merchant Bank Limited acted as Financial Adviser on the issuance.
The Federal Government was aiming to raise $2.35 billion, with US$1.25 billion and US$1.10 billion placed in the 2036 and 2046 maturities, respectively.
The Long 10-year bond and the Long 20-year Notes were priced at Coupons/Yields of 8.6304% and 9.1297% respectively.
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