FG redeems $500m Eurobond

By Matthew Denis

The Federal Government through the Debt Management Office (DMO) has redeemed a total of $500 million Eurobond on its due date on July 12, 2023.

This was contained in a statement made available to Nigerian NewsDirect on Wednesday.

The statement issued by the DMO revealed that the Eurobond was issued in July 2013 (as part of a dual-tranche USD1 billion Eurobond) for a tenor of ten (10) years at a coupon of 6.375 per cent per annum.

According to the DMO, Nigeria had previously redeemed a USD500 million Eurobond in July 2018, another USD500 million Eurobond in January 2021, and a USD300 million Diaspora Bond in June 2022.

“These, together with the USD500 million Eurobond redeemed today, bring the total amount of securities redeemed by Nigeria in the International Capital Market (ICM) to USD1.8 billion,” a part of the statement read.

The DMO added that Nigeria’s successful redemption of its Eurobonds and Diaspora Bond in the ICM over the past six (6) years is a demonstration of its strong debt management operations and planning.