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


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.”

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.”

Ugo Obi-chukwu https://nairametrics.com

Ugo Obi-chukwu "Ugodre" is a chartered accountant with over 16 years experience in financial management, corporate finance and financial analysis. He is also a retail investor and a personal finance advocate with over a decade experience investing in the Nigerian stock market. Ugo is the founder of Nairametrics and blogs regularly on the website.

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