Nigeria’s Eurobond is now trading on the London Stock Exchange

Grit Real Estate

Less than a week after it was oversubscribed, Nigeria’s USD1 billion Eurobond has started trading on the London Stock Exchange, LSE.

A statement issued by the London Stock Exchange Group, LSEG, confirmed that the 15 year bond was nearly eight times oversubscribed, with the order book closing at approximately $7.7 billion.

The listing secured high quality investor support from across the US and Europe and will support Nigeria in financing its long term infrastructure projects.

Today’s listing builds on the recent pipeline of several high profile sovereign, supranational, municipal and private company bond issuances on London Stock Exchange. In January 2017, Israel listed its largest ever Eurobond offering of €2.25 billion in London.

Ibukun Adebayo, Head of Middle East, Africa and South Asia, International Markets Unit, London Stock Exchange:
“Nigeria’s choice of London Stock Exchange for its first international bond offering since 2013 underlines London Stock Exchange’s position as a leading global venue for debt fund raising and London’s enduring status as a market open to the world.

“The success of Nigeria’s bond listing is a strong statement of international investor interest in building exposure to Nigeria’s economy. It reinforces London Stock Exchange’s status as a strong partner to Nigeria and the City’s ability to provide a deep additional channel of finance for the development of Nigerian infrastructure and the growth of the economy.”

The Economic Secretary to the Treasury, Simon Kirby MP, British Government:
“I am delighted that the Nigerian government has chosen London as the location to list its $1bn sovereign bond.

“This issuance underlines Britain’s position as the world’s leading global financial centre and strengthens our economic and financial relationship with Nigeria.”

There are currently 9 African sovereign bonds listed in London, from Gabon, Ghana, Namibia, Nigeria and Zambia.

Nigeria is looking to borrow from the International Monetary Fund, a proposal that has not sail through as a result of the country’s Forex policy.