{"id":61657,"date":"2018-11-15T14:43:54","date_gmt":"2018-11-15T13:43:54","guid":{"rendered":"https:\/\/arewa.ng\/?p=61657"},"modified":"2018-11-15T14:44:23","modified_gmt":"2018-11-15T13:44:23","slug":"nigerias-2-86bn-eurobond-oversubscribed-three-times-says-finance-minister","status":"publish","type":"post","link":"https:\/\/arewa.ng\/?p=61657","title":{"rendered":"Nigeria&#8217;s $2.86bn Eurobond Oversubscribed Three Times, Says Finance Minister"},"content":{"rendered":"<div><span class=\"ds-1col file file-image file-image-jpeg view-mode-embedded centered clearfix block-story-object block-story-object-resource block-story-object-resource-image\"><br \/>\n<span class=\"block-story-object-asset\"><img decoding=\"async\" class=\"media-element file-embedded\" typeof=\"foaf:Image\" src=\"http:\/\/arewa.ng\/wp-content\/uploads\/2018\/11\/Nigerias-2.86bn-Eurobond-Oversubscribed-Three-Times-Says-Finance-Minister.jpg\" alt=\"\"><\/span><br \/>\n<\/span><\/p>\n<p><span class=\"container container-pod container-pod-short\"><span class=\"adunit-parent hide block-module block-module-ad block-module-ad-300x250\"><span class=\"block-module-image-wrapper\"><\/span><\/span><\/span><\/p>\n<p>The Federal Ministry of Finance has said that its 2018 Euro bond, which is the sixth since 2011, was three times oversubscribed.<\/p>\n<p>A road show facilitated by City and Standard Chartered bank, had kicked off on Monday in London, to promote the bond offering.<\/p>\n<p>The three-tranche bond was sought after to the tune of $9.5 billion, according to the statement from the ministry on Wednesday.<\/p>\n<p>In October 2018, the National Assembly had approved the issuance of $2.786 billion from the International Capital Market to partly finance the 2018 budget.<\/p>\n<p>The statement read: &#8220;In a demonstration of confidence in Nigeria\u2019s economy, the $2.86 billion Eurobond road show in London was oversubscribed three times from leading global institutional investors with a peak combined order book of over $9.5 billion.<\/p>\n<p>&#8220;The Eurobond oversubscription is owed largely to Nigeria\u2019s successful engagement with the Fitch Rating Agency. The agency had changed the outlook on Nigeria\u2019s sovereign rating from B+ (negative) to B+ (stable), based on improving macro-economic fundamentals.<\/p>\n<p>&#8220;The notes comprise a $1.18b 7-year series, $1b 12-year series &amp; a $750 million 30-year series. The 7-year series will bear interest at a rate of 7.625%, while the 12-year series will bear interest at a rate of 8.75% and the 30-year series will bear interest at a rate of 9.25%.<\/p>\n<p>&#8220;At a cost considerably lower than many other countries across Sub-Sahara Africa, this oversubscribed Eurobond further demonstrates the confidence of international capital market investors to invest in Nigeria.&#8221;<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Federal Ministry of Finance has said that its 2018 Euro bond, which is the sixth since 2011, was three times oversubscribed. A road show facilitated by City and Standard Chartered bank, had kicked off on Monday in London, to promote the bond offering. The three-tranche bond was sought after to the tune of $9.5 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":61658,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[3],"tags":[7826,7165],"class_list":["post-61657","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-eurobond","tag-finance-minister"],"jetpack_publicize_connections":[],"_links":{"self":[{"href":"https:\/\/arewa.ng\/index.php?rest_route=\/wp\/v2\/posts\/61657","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/arewa.ng\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/arewa.ng\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/arewa.ng\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/arewa.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=61657"}],"version-history":[{"count":0,"href":"https:\/\/arewa.ng\/index.php?rest_route=\/wp\/v2\/posts\/61657\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/arewa.ng\/index.php?rest_route=\/wp\/v2\/media\/61658"}],"wp:attachment":[{"href":"https:\/\/arewa.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=61657"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/arewa.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=61657"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/arewa.ng\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=61657"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}