Nigeria successfully raised $2.25bn in a dual-tranche Eurobond issuance last week, marking a major return to international capital markets. The 10-year and 20-year bonds were oversubscribed and priced at 8.625 per cent and 9.125 per cent, respectively — tighter than initial guidance.
The debt’s oversubscription is a reflection of robust investor confidence in Nigeria’s fiscal and monetary policy reforms and improving risk sentiment toward frontier markets.
For other stakeholders, rising investor appetite for Nigerian debt has been buoyed by Central Bank of Nigeria FX reforms, improving fiscal transparency, and rising market confidence.