Nigerian Exchange Limited (NGX) has announced the listing of the Federal Government of Nigeria (FGN) $4,000,000,000 FGN Eurobonds on its platform on Monday, 31 January 2022.
The Eurobonds were issued in three tranches, 6.125 percent FGN SEP 2028 worth $1,250,000,000.00; 7.375 percent FGN SEP 2033 worth $1,500,000.00; and the 8.25 percent FGN SEP 2051 worth $1,250,000,000.00.
Recall that in October 2021, the federal government had successfully raised $4bn from the Eurobond market, surpassing its initial target of $3bn for the first tranche.
The $4bn issue was 400 percent oversubscribed, an indication of heightened investor confidence and interest in the Nigerian debt instrument and the yields for the issue were at 6.13 percent (7-yr tenor), 7.38 percent (12-yr tenor) and 8.25 percent (30-yr tenor).
NGX continues to thrive as a multi-asset securities exchange providing access to a diversified range of assets including equities, fixed income, Exchange Traded Products (ETPs).
In 2021, NGX facilitated capital raising of over N7.13 trillion across asset classes for both public and private corporations. Furthermore, through its vast network of Trading License Holder Firms and an integrated trading platform, NGX provides institutional and retail investors access to one of the most liquid markets in Sub-Saharan Africa.
The bonds were issued via the Debt Management Office with Chapel Hill Denham Advisory Limited acting as Domestic Book runner and FSDH Merchant Bank Limited as Financial Adviser.
