Nigeria Repays $500m Eurobond Debt

Posted by Samson Kankan Business News, Latest Headlines Wednesday, July 12th, 2023

(AFRICAN EXAMINER) – The Federal Government through the Debt Management Office (DMO) has redeemed a $500 million Eurobond on its due date on July 12, 2023.

The Eurobond was issued in July 2013 (as part of a dual-tranche USD1 billion Eurobond) for a tenor of ten (10) years at a coupon of 6.375% per annum.

“Nigeria had previously redeemed a USD500 million Eurobond in July 2018, another USD500 million Eurobond in January 2021, and a USD300 million Diaspora Bond in June 2022,” the DMO said.

“These, together with the USD500 million Eurobond redeemed today, bring the total amount of securities redeemed by Nigeria in the International Capital Market (ICM) to USD1.8 billion.

“Nigeria’s successful redemption of its Eurobonds and Diaspora Bond in the ICM over the past six (6) years is a demonstration of its strong debt management operations and planning.”