Saturday, May 28, 2022

FG’s $4 billion Eurobond oversubscribed to tune of $12.2 billion: DMO

“The Eurobond, which was issued in September 2021, was oversubscribed to the tune of $12.2 billion and was described as one of Africa’s most successful…”

• January 26, 2022

Debt Management Office (DMO) says it has listed its 2021 $4 billion federal government’s Eurobond on the FMDQ Group Securities Exchange.

This is in a bid to build investors’ confidence and also secure their investments.

The DMO revealed on its website that the Eurobond was listed in three tranches of seven years – $1.25 billion, due in September and 2028 at 6.1 per cent; 12 years – $1.50 billion, due in September 2033 at 7.3 per cent.

The third one is 30 years – $1.25 billion due in September 2051 at 8.2 per cent.

“The Eurobond, which was issued in September 2021, was oversubscribed to the tune of $12.2 billion and was described as one of Africa’s most successful financial trades of 2021,” added the DMO. “Currently, the three-tranche listing of the Eurobonds on the FMDQ Securities Exchange Limited has provided a diversified pool of financial offerings for investors.”

The FMDQ was registered in 2012 to organise and deepen the Nigerian financial markets.

It operates an Investor Protection Fund (IPF) to compensate investors who suffer losses from insolvency, bankruptcy, or negligence of its dealing members.

The DMO pioneered the listing of its Eurobonds on the FMDQ platform in 2017.

DMO director-general Patience Oniha said the listings would increase the number and range of securities available in the domestic capital markets, deepening the market and promoting financial inclusion.

She added that it would give more visibility to the domestic debt capital markets, which will be beneficial for attracting capital from local and foreign investors.


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