Nigeria’s $2.35bn Eurobond attracts over $13bn in global orders

Nigeria’s latest $2.35 billion Eurobond issuance has been met with overwhelming investor demand, drawing over $13 billion in subscriptions — more than five times the amount offered.

The Eurobonds, which were issued in two tranches of $1.25 billion due in 2036 and $1.10 billion due in 2046, were priced at coupon rates of 8.63% and 9.13%, respectively.

Investors from the UK, North America, Europe, Asia, the Middle East, and Nigeria participated in the offer, reflecting broad international interest.

The Federal Government described the strong response as a “resounding vote of confidence” in Nigeria’s ongoing macroeconomic and fiscal reforms.

President Bola Ahmed Tinubu hailed the result, saying it reaffirmed the country’s credibility in the global capital market.

Finance Minister and Coordinating Minister of the Economy, Wale Edun, said the outcome underscored investor trust in Nigeria’s reform agenda and commitment to sustainable growth.

Director-General of the Debt Management Office (DMO), Patience Oniha, called the issuance a key milestone, noting that it would provide long-term financing to support national development and diversify funding sources.

The Notes will be listed on the London Stock Exchange, the FMDQ Securities Exchange, and the Nigerian Exchange Limited.

Proceeds from the Eurobond will go toward financing the 2025 fiscal deficit and other government funding needs.

Chapel Hill Denham, Citigroup, Goldman Sachs, J.P. Morgan, and Standard Chartered Bank acted as Joint Bookrunners, while FSDH Merchant Bank served as Financial Adviser.