FG Redeems $500m Eurobond

The Federation government, yesterday, redeemed its $ 500 million Eurobond.

According to the Debt Management Office, the Eurobond which was redeemed on it’s due date was a reaffirmation of Nigeria’s commitment to meeting its debt service obligations.

The Eurobond was issued in July 2013 (as part of a dual-tranche $1 billion Eurobond) for a tenor of ten years at a coupon of 6.375% per annum.

“Nigeria had previously redeemed a $500 million Eurobond in July 2018, another $500 million Eurobond in January 2021, and a $300 million Diaspora Bond in June 2022.

“These, together with the $500 million Eurobond redeemed today (yesterday) bring the total amount of securities redeemed by Nigeria in the International Capital Market (ICM) to $1.8 billion.

“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,” the DMO said.