DMO Lists US$4bn Eurobond on the FMDQ Securities Exchange

Thursday, January 27, 2022 / 11:46 AM / by DMO Nigeria / Header Image Credit: FMDQ Group

The Debt Management Office (DMO) listed the USD 4 Billion Eurobond issued by the Federal Government of Nigeria (FGN) on the FMDQ Securities Exchange on January 25, 2022. It will be recalled that the Eurobond was issued on September 28, 2021, as part of the fund-raising for the implementation of the 2021 Appropriation Act. In order to manage the liability profile, it was issued in three (3) tranches of 7 years, 12 years and 30 years as outlined below'

• 7 years - USD1.25 billion due September 2028 at 6.125%
• 12 years - USD1.50 billion due September 2033 at 7.375%
• 30 years - USD1.25 billion due September 2051 at 8.250%

The subscription level for the Eurobond was USD12.2 Billion, making it one of the continent's most successful financial transactions of 2021. The Eurobond issuance shored up Nigeria's foreign reserve, led to the appreciation of the Naira and provided significant capital to finance various projects across Nigeria under the 2021 Appropriation Act.

The Eurobond will also be listed on the Nigerian Exchange Limited. The listing on these two (2) securities exchanges, will enlarge their scope while also providing a diversified pool of financial offerings for investors.

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