{"id":10816,"date":"2017-02-10T12:17:36","date_gmt":"2017-02-10T11:17:36","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=10816"},"modified":"2017-02-10T12:17:36","modified_gmt":"2017-02-10T11:17:36","slug":"nigerias-3rd-eurobond-issue-over-subscribed-despite-economic-crisis","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/nigerias-3rd-eurobond-issue-over-subscribed-despite-economic-crisis\/","title":{"rendered":"Nigeria\u2019s 3rd Eurobond issue over-subscribed despite economic crisis"},"content":{"rendered":"

In spite of the gloom on the country\u2019s economy, investor confidence in Nigeria remains high as the $1 billion Eurobond issued by the federal government on Thursday was over-subscribed by almost eight times.<\/p>\n

The over-subscription was with orders in excess of $7.8 billion compared to a pre-issuance target of $1 billion.<\/p>\n

The bond, issued under Nigeria\u2019s newly established Global Medium Term Note programme, is the third in the series after the ones in 2011 and 2013.<\/p>\n

The note has February 16, 2032 as maturity date for repayment on the principal, and is expected to yield interest at a rate of 7.88 percent.<\/p>\n

The Federal Ministry of Finance said proceeds from the bond would be used to fund capital expenditures in the 2017 budget.<\/p>\n

The government said the offering attracted significant interest from leading global institutional investors.<\/p>\n

The notes would be admitted to the official list of the UK Listing Authority and available to trade on the London Stock Exchange\u2019s regulated market.<\/p>\n

\u201cNigeria will apply for the Notes to be eligible for trading and listed on the Nigerian FMDQ OTC Securities Exchange and the Nigerian Stock Exchange,\u201d finance ministry said in statement.<\/p>\n

The pricing for the bond was determined during a roadshow to promote the issuence of the bond.<\/p>

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Advertisement<\/div>\r\n\t\t\t\t\t\t\t<\/a>\r\n \r\n\t\t\t\t\t\t\t<\/div>\n

The roadshow was led by the minister of Finance, Kemi Adeosun; accompanied by her counterpart in the Ministry of Budget and National Planning, Udo Udoma; Central Bank of Nigeria governor, Godwin Emefiele; and Director-General of the Debt Management Office (DMO), Abraham Nwankwo, as well as the Director General of the Budget Office, Ben Akabueze.<\/p>\n

\u201cNigeria is implementing an ambitious economic reform agenda designed to deliver long-term sustainable growth and reduce reliance on oil and gas revenues while reducing waste and improving the efficiency of government expenditure,\u201d Mrs. Adeosun said of the bond.<\/p>\n

\u201cAt the heart of the agenda is a commitment to invest in developing Nigeria\u2019s infrastructure through a target 30 per cent annual budget commitment to capital expenditure.<\/p>\n

\u201cWe are establishing the building blocks for long-term growth and making the hard decisions that must be made to reset our economy appropriately.\u201d<\/p>\n

Commenting on the Notes\u2019 pricing, the DMO Director General, Abraham Nwankwo, said:<\/p>\n

\u201cNigeria 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\u2019s cash flows and government.<\/p>\n

He said the Eurobond is the latest step in a broader debt strategy designed to significantly re-balance our debt profile towards longer term financing and reduce the burden of interest on our annual budget.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

In spite of the gloom on the country\u2019s economy, investor confidence in Nigeria remains high as the $1 billion Eurobond issued by the federal government on Thursday was over-subscribed by almost eight times. The over-subscription was with orders in excess of $7.8 billion compared to a pre-issuance target of $1 billion. The bond, issued under …<\/p>\n","protected":false},"author":11,"featured_media":10817,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,17],"tags":[679],"coauthors":[2392,2393],"class_list":["post-10816","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-news","tag-eurobond"],"yoast_head":"\nNigeria\u2019s 3rd Eurobond issue over-subscribed despite economic crisis - National Wire<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/nigerias-3rd-eurobond-issue-over-subscribed-despite-economic-crisis\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nigeria\u2019s 3rd Eurobond issue over-subscribed despite economic crisis - National Wire\" \/>\n<meta property=\"og:description\" content=\"In spite of the gloom on the country\u2019s economy, investor confidence in Nigeria remains high as the $1 billion Eurobond issued by the federal government on Thursday was over-subscribed by almost eight times. 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