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eurobond

DMO Redeems N198bn Treasury Bills In December

The Nigerian Government will repay in full the N198.032 billion Nigerian Treasury Bills (NTBs) which will mature in December 2017, the Debt Management Office (DMO) said on Tuesday. The DMO said in a press statement that N131.415 billion and N66.617 billion of NTBs will mature on December 14, 2017 and December 21, 2017 respectively. The agency said the usual practice before now was to rollover NTBs at maturity. It said "the NTBs will be redeemed primarily using proceeds of the USD500 million raised through a Eurobond…

Fitch Gives Final Rating Of ‘B+’ To Nigeria’s $1.5bn Eurobond

The global rating agency, Fitch Ratings, has awarded its final rating of ‘B+’ to the $1.5 billion Nigeria’s 6.5 per cent senior unsecured notes (Eurobond) due on November 28, 2027 and the $1.5 billion notes of 7.625 per cent coupon with November 28 2047 maturity date. The final rating replaces the expected rating of ‘B+(EXP)’ that the rating agency assigned on November 15, 2017. Fitch had explained then that “the assignment of the final ratings is contingent on the receipt of final documents materially conforming to…

Nigerian Government Floats US$3bn Dual-Tranche Eurobond

The Nigerian Government, through the Debt Management Office (DMO), has floated a fresh $3 billion Eurobond. The government priced the dual tranche Eurobond (US$1.5 billion 10-year and US$1.5 billion 30-year) under its US$4.5 billion Global Medium Term Note programme. The DMO announced on November 20, 2017, that "the 10-year series will bear interest at a rate of 6.500%, while the 30-year series will bear interest at a rate of 7.625%, and, in each case, will be repayable with a bullet repayment of the principal on…

Breaking: 2017 Budget: Senate Approves Buhari’s $5.5bn Foreign Loan Request

The Nigerian Senate, on Tuesday, approved President Muhammadu Buhari request to borrow the sum of $5.5bn for the financing of the 2017 appropriation bill. Buhari, in a letter dated October 4, 2017, had written the Senate asking for its approval to secure two external borrowings totaling $5.5bn. The letter read in part, “Accordingly, the Senate is requested to kindly approve the following external borrowings: Issuance of $2.5bn in International Capital Market through Eurobonds or a combination of Eurobonds and Diaspora…

DMO Clarifies Position on USD5.5 Billion External Capital Raising

The DMO in a recent Press Release has clarified the plans of the Federal Government to source for capital from the International Financial Markets. In the Press Release, the DMO stated that the proposed USD5.5 billion comprises of two components: USD2.5 billion new borrowing and USD3 billion for refinancing. USD2.5 Billion The first component of USD2.5 billion, represents new external borrowing provided for in the 2017 Appropriation Act to part finance the deficit in that Budget. It will be recalled that the 2017…