Nigeria redeems $500 million Eurobond
Debt Management Office (DMO) of Nigeria has announced that the country’s 6.75 per cent $500 million JAN 2021 Eurobond which matures on January 28, 2021 will be redeemed.
The agency said in a statement that funds have been made available by the Federal Government to the to repay the principal sum of $500 million and final interest payment due on the Eurobond.
“By this development, Nigeria continues to demonstrate in practical terms, its commitment towards honouring all its debt service obligations as and when due.”
The 6.75% $500M JAN 2021 Eurobond which was issued in January 2011 was Nigeria’s first foray into the International Capital Market (ICM).
The issuance of the Eurobond enabled Nigeria to diversify its sources of funding as it successfully raised a total of USD10,668.35 million from the ICM thereafter, making a total of USD11,168.35 million to finance the implementation of the Federal Budgets.
This is in addition to contributing to Nigeria’s External Reserves.
Equally important, a number of private sector operators, notably Nigerian Banks, have raised US Dollar funds from the ICM following Nigeria’s debut Eurobond in January 2011.
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