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Monday, September 26, 2022

Breaking : Emefiele Gets Dollar Firepower as Nigeria Sells $4bn of Eurobonds

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Nigeria has sold $4 billion worth of Eurobonds across three tranches: 7, 12 and 30 yr., according to the order book data seen by MoneyCentral.
“This issuance helps to fulfill a major part of 2021 fiscal borrowing plan, which is critical to budget implementation, especially given concerns over actualisation of budgetee revenue. More so, the proceeds should enhance the external reserve and hopefully strengthen the supply firepower of the CBN, with hope of narrowing the supply/demand imbalance in the market and ultimately calming the speculative pressure on the Naira,” a market source told MoneyCentral.
Details of the issuance
  • Yields are between 6-8.25%. Books closed at over $12 billion worth of demand.
  • $1.25 billion of 7year paper was raised which closed at 6.125% with over $3.5 billion of bids,
  • $1.5 billion of the 12 year cleared at 7.375%,
  • while $1.25 billion of the 30-year paper closed at 8.25%.

Details later…

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