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Nigeria raised $2.35 billion in new eurobond which was oversubscribed by up to 5.4 times, a sign of investor confidence that defied earlier geopolitical jitters coming from Washington.
The country raised $1.247 billion from a 10-year Eurobond due 2036 at 8.625%. The demand was $6.7 billion, while the 20-year paper due 2046, was issued at 9.125% and raised $1.1 billion, with demand of $6 billion, MoneyCentral learnt.
Total demand across both tenors was $12.7 billion.
Nigeria joins Kenya and Angola in raising foreign-currency debt from Africa this year, as resilient global growth and expectations of more interest-rate cuts from the US dialed up investor appetite for riskier assets globally, including high-yield sovereign bonds.
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