Nigeria: Debt Office Lists $4Bln Eurobond on FMDQ Exchange

The Debt Management Office (DMO) says it has listed its 2021, $4 billion Federal Government of Nigeria (FGN) Eurobonds on FMDQ Group Securities Exchange.

The listing is intended to build investors’ confidence and secure their investments.

The DMO announced on its website that the Eurobond was split into three tranches of seven years: $1.25 billion due in September and 2028 at 6.1 per cent and $1.50 billion due in September 2033 at 7.3 per cent.

The third is due in 30 years – $1.25 billion at 8.2 per cent due September 2051.

“The Eurobond, which was issued in September 2021, was oversubscribed to the tune of $12.2 billion, and was described as one of Africa’s most successful financial trades of 2021.

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“Currently, the three-tranche listing of the Eurobonds on the FMDQ Securities Exchange Limited has provided a diversified pool of financial offerings for investors,” the DMO stated.

It was registered in 2012 with the purpose of organising and deepening the Nigerian financial market.

Investors who suffer losses as a result of insolvency or bankruptcy of its dealing members are compensated through the Investor Protection Fund (IPF).

Eurobonds issued by DMO were the first to be listed on FMDQ in 2017.

Director-General of the DMO, Patience Oniha said the listings would make more securities available in the capital markets, thereby deepening the market and promoting financial inclusion.

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According to her, it will make the domestic debt capital markets more visible, which will attract capital from local as well as foreign investors.

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