Nigeria’s $2.35 billion Eurobond, launched with two tranches—$1.25 billion 10-year (maturing 2036) and $1.10 billion 20-year (maturing 2046)—attracted over $13 billion in subscriptions, marking the largest-ever international subscription for a Nigerian Eurobond.

Key points:

• The Eurobond was priced at 8.6308% (10-year) and 9.1297% (20-year), the lowest yields since 2017.
• Proceeds will fund the 2025 fiscal deficit and other government financing needs.
• Investors came from Europe, North America, Asia, Middle East, and Nigeria, including fund managers, banks, insurance, and pension funds.
• The bonds will be listed on the UK Listing Authority, London Stock Exchange, FMDQ Securities Exchange, and Nigerian Exchange Limited.
• Officials cited the subscription as evidence of strong global confidence in Nigeria’s macro-economic policies, fiscal reforms, and reform agenda, especially foreign exchange liberalization and improved revenue generation.
• Analysts say the successful issuance supports foreign investment confidence, reserves accretion, and potential naira appreciation, while helping refinance a $1.1 billion maturing Eurobond on November 21, 2025.

President Bola Tinubu and Finance Minister Wale Edun described the oversubscription as a reflection of Nigeria’s credibility and strong reform trajectory.