Debt Management Office lists $1.25bn Eurobond on NGX, FMDQ

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The Debt Management Office (DMO) has announced plans to list the 8.375 per cent, $1.25 billion, March 2029 Eurobond on the Nigerian Exchange Limited and FMDQ Securities Exchange Limited.

This disclosure is contained in a statement issued by the DMO on Thursday and can be seen on its website.

The DMO stated that the Eurobond was issued in March, based on approvals in the 2022 appropriation act and further approvals by the National Assembly and the Federal Executive Council (FEC).

The agency said the Eurobond had earlier been listed on the London Stock Exchange. It said that listing of the Eurobond on the NGX and FMDQ was an indication that DMO was committed to boosting the domestic capital market activities and creating opportunities for local players.

The DMO stated, “The DMO will today Thursday, list 8.375 per cent, 1.25 billion dollars, March 2019 Eurobond on the NGX and FMDQ

“The Eurobond was issued in March based on approvals in the 2022 appropriation Act and subsequent approvals received from the National Assembly and FEC.

“Its proceeds were used for financing capital projects in the Appropriation Act. In addition, the proceeds contributed to an increase in external reserves.

“The Eurobond has been listed on the London Stock Exchange, the listing on the Nigeria Exchange Limited and the FMDQ Exchange Limited represents the DMO’s commitment to boosting the domestic capital market activities and creating opportunities for local players.”

The DMO had earlier in March revealed that Nigeria became the first African country to raise $1.25 billion through the issuance of Eurobonds in the International Capital Market. It stated that the Eurobond raised will be used to boost Nigeria’s external reserves, finance critical capital projects in the budget.