Nigeria redeems $500 million Eurobond

Nigeria redeems $500 million Eurobond

Nigeria has redeemed a $500 million Eurobond, Debt Management Office (DMO) has said.

It said the Eurobond was redeemed exactly on its due date, July 12, 2023.

Eurobond is a debt instrument denominated in a currency other than the home currency of the country in which it is issued.

In a statement on Wednesday, the DMO said the successful redemption of the Eurobond shows the country’s commitment to meeting its debt service obligations.

The debt management agency said the Eurobond was issued in July 2013 (as part of a dual-tranche USD1 billion Eurobond) for a tenor of ten years at a coupon of 6.375 percent per annum.

The statement read, “Nigeria had previously redeemed a USD500 million Eurobond in July 2018, another USD500 million Eurobond in January 2021, and a USD300 million Diaspora Bond in June 2022.

“These, together with the USD500 million Eurobond redeemed today, bring the total amount of securities redeemed by Nigeria in the International Capital Market (ICM) to USD1.8 billion.

“Nigeria’s successful redemption of its Eurobonds and Diaspora Bond in the ICM over the past six (6) years is a demonstration of its strong debt management operations and planning.”