The Federal Republic of Nigeria on December 2nd, 2024, successfully priced $2.2 billion in Eurobonds maturing in 2031 (6.5-year) and 2034 (10- year) in the international capital markets, with $700 million and $1.5 billion placed in the 2031 and 2034 maturities, respectively. The notes were priced at a Coupon and Re-offer Yield of 9.625 per cent and 10.375 per cent, respectively.
The bonds, issued under the Regulation S/144A structure, attracted investors from regions including the UK, North America, Europe, and Asia. The transaction attracted a peak orderbook of more than US$9.0 billion. Proceeds will fund Nigeria’s 2024 budget deficit.
Nigeria mandated Chapel Hill Denham CitiGroup, Goldman Sachs, J.P. Morgan and Standard Chartered as Joint Bookrunners. FSDH Merchant Bank Merchant Bank Limited acted as Financial Adviser on the issuance.
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