Nigeria successfully pulled off its debut international bond last month with a $500 million, 10-year deal that was more than two-and-half times oversubscribed. This was in spite of concerns that the government would use the proceeds to increase spending in the run-up to April’s presidential election.
Citi and Deutsche Bank arranged the deal. Although pricing tightened in the secondary market, the bond was issued at a yield of 7% on January 21, compared with yields on the same day for the 10-year 2017 bonds of Ghana and Gabon of 5.8%
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