You’re welcome, Nigeria: Nigeria sold USD 2.5 bn in eurobonds on Thursday as it sought to lower funding costs by using the notes to refinance higher-yielding naira debt, Bloomberg reports. Nigeria issued USD 1.25 bn of 12-year bonds with a yield of 7.14 % and a separate 20-year tranche, also USD 1.25 bn, at 7.7%. Investors placed more than USD 11.5 bn of orders, according to the ministry. The sale completes a program of increasing foreign debt to help reduce the burden of double-digit yields on local-currency bonds. Nigeria went to market one day after Egypt’s successful USD 4 bn eurobond issuance demonstrated EM-debt appetite was still significant despite the global sell-off.

Tags: