Nairametrics| Facts are beginning to emerge about Nigeria’s successful $1 billion Eurobond sale. Nairametrics will publish them on this website as they become available. Here is the latest we now know about the sale;
- About 370 investors showed interest in Nigeria’s Eurobond sale
- Investors in the United State showed more interest buying about 48% of the offer. Investors in the UK was next with about 37% while investors in Europe and other countries took 10% and 5% respectively.
- By Investor type asset managers took 73%, hedge funds 13% and insurance/pension funds took about 10% of the offer. Banks and other types of investors took the remaining 3% and 1% respectively.
- The price investors were willing to pay for the offering changed throughout the day as orders increased. Initially, the bond was priced at 8.5% and then dropped to 8.125% as orders increased. It eventually sold for 7.875% by the time about $7.8 billion orders had been placed on the table.
- The Nigerian Government also told investors that the funds will be used to fund capital expenditure in the yet to be passed 2017 budget.
