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Nigeria’s Eurobond Offer Oversubscribed

Investors have oversubscribed Nigeria’s Eurobond offer.

Gatekeepers News reports that investors have subscribed over four times the offer Nigeria raised via a Eurobond. On Tuesday, the country announced that it raised $4 billion.

The Debt Management Office (DMO) in a statement on Tuesday night, said investors from, Nigeria, Europe, Asia, and America demanded $12.2 billion for the notes.

DMO noted that Nigeria increased its initial offer value from $3billion to $4billion.

The statement read, “This exceptional performance has been described as ‘one of the biggest financial trades to come out of Africa in 2021 and an excellent outcome.

“The size of the Order Book and the quality of investors demonstrate confidence in Nigeria.”

According to a notice to investors, Nigeria opened its order book for the bond offering on Tuesday which aimed to issue the bond next week.

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