Nigeria's Eurobond 8 times oversubscribed, shows confidence

2017-02-16 18:22
Flag and map of Nigeria. (iStock)

Flag and map of Nigeria. (iStock)

Multimedia   ·   User Galleries   ·   News in Pictures Send us your pictures  ·  Send us your stories

Johannesburg - The London Stock Exchange says Nigeria's $1bn Eurobond is eight times oversubscribed and demonstrates international confidence despite the oil-producing nation's economic woes.

The 15-year bond offering 7.875% in trading starting on Thursday is the first Nigerian offering since 2013 and the 2015 change of administration to President Muhammadu Buhari.

An exchange statement says it's "a strong statement of international investor interest in building exposure to Nigeria's economy."

The bond is far from the $30bn that Buhari proposed raising through loans - a request rejected by legislators last year.

Nigeria is suffering its worst recession in 25 years with inflation nearing 19% provoking protests about high food costs.

Buhari inherited a looted treasury compounded by low oil prices and militant attacks that at times nearly halved petroleum production.

Read more on:    muhammadu buhari  |  nigeria  |  west africa

Inside News24

Traffic Alerts
There are new stories on the homepage. Click here to see them.


Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire network.