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Nigeria’s $1bn Eurobond begins trading on the London Stock Exchange

Nairametrics by Nairametrics
February 17, 2017
in Uncategorized
Nigeria’s $1 billion Eurobond Oversubscribed By 8 Folds
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Nigeria’s $1 billion 15-year Eurobond started trading on the London Stock Exchange yesterday.
The Offer which was nearly eight times oversubscribed, with $7.7bn in orders, is the longest ever maturity for an international Nigerian issuance, highlighting strong international investor demand and demonstrating confidence in Nigeria’s economy.

“London Stock Exchange welcomes Nigeria’s $1 billion Eurobond to start trading in London today”, said a press release issued by the exchange yesterday.

Simon Kirby, the Economic Secretary to the Treasury, in the press release, said: “I am delighted that the Nigerian government has chosen London as the location to list its $1bn sovereign bond. This issuance underlines Britain’s position as the world’s leading global financial center and strengthens our economic and financial relationship with Nigeria.”

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According to Ibukun Adebayo of the International Markets Unit, and Head of Middle East, Africa and South Asia, at the London Stock Exchange: “Nigeria’s choice of London Stock Exchange for its first international bond offering since 2013 underlines London Stock Exchange’s position as a leading global venue for debt fund raising and London’s enduring status as a market open to the world.

“The success of Nigeria’s bond listing is a strong statement of international investor interest in building exposure to Nigeria’s economy. It reinforces London Stock Exchange’s status as a strong partner to Nigeria and the City’s ability to provide a deep additional channel of finance for the development of Nigerian infrastructure and the growth of the economy.”

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