FG repays $500m Eurobond debt

The Federal Government has redeemed a $500 million 10-year tenor Eurobond with a due date of July 12, 2023.

A statement issued by the Debt Management Office (DMO), on Wednesday, July 12, said the Eurobond was issued in July 2013 as part of a dual-tranche one billion dollars Eurobond for a tenor of 10 years at a coupon of 6.375 per cent per annum.

The DMO said the redemption of the debt was a demonstration of the country’s commitment to meeting its debt service obligations.

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It stated that Nigeria had previously redeemed a $500 million Eurobond in July 2018, another $500 million Eurobond in January 2021, and a $300 million Diaspora Bond in June 2022.

The DMO added: “These, together with the $500 million Eurobond redeemed today, bring the total amount of securities redeemed by Nigeria in the International Capital Market (ICM) to $1.8 billion.

“Nigeria’s successful redemption of its Eurobonds and Diaspora Bond in the ICM over the past six years is a demonstration of its strong debt management operations and planning.”

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