The federal government yesterday announced the issuance of $2.86
billion aggregate triple bond series under its Global Medium Term Note
programme.
A finance ministry statement yesterday night said the notes comprised
of a $1.18 billion seven-year series, $1billion 12-year series and
$750 million 30-year series.
Details of the issue showed that the seven-year series would bear
interest at a rate of 7.625 per cent, while the 12-year series would
bear interest at a rate of 8.75 per cent, and the 30-year series would
bear interest at a rate of 9.25 per cent.
The offering attracted significant interest from leading global
institutional investors with a peak combined order book of over $9.5
billion.
Minister of Finance, Hajiya Zainab Ahmed, said the successful
transaction follows closely behind Nigeria’s successful engagement
with the Fitch rating agency, and their subsequent decision to change
the outlook on the country’s sovereign rating from B+ (negative) to B+
(stable), based on improving macro-economic fundamentals.
She said in spite of significant oil and wider macro market
volatility, Nigeria has successfully raised its external debt
requirements for the 2018 budget at a cost considerably lower than
many of its peers across Sub-Saha