Nigeria Sells $3 Billion of Eurobonds in Its Biggest Offer Yet

Nigeria Sells $3 Billion of Eurobonds in Its Biggest Offer Yet

LAGOS (Capital Markets in Africa) – Nigeria raised $3 billion in a two-part international bond sale as it seeks to fund a fiscal deficit and reduce its local-currency debt burden. The West African nation split the offering equally between 10- and 30-year tranches. The yield was 6.5 percent for the shorter notes and 7.625 percent for the 30-year portion, down 25 basis points on each tranche from the initial guidance. The offering, its biggest Eurobond…

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Nigeria Aims to Issue $2.5b of Eurobonds on Monday

Nigeria Aims to Issue $2.5b of Eurobonds on Monday

LAGOS (Capital Markets in Africa) – Nigeria plans to issue a Eurobond of at least $2.5 billion on Monday, says Kevin Daly, a money manager at Standard Life Aberdeen, who attended an investor meeting with officials from the nation in London Thursday. Nigerian delegation included Finance Minister Kemi Adeosun, central bank Governor Godwin Emefiele, head of the Debt Management Office, Patience Oniha, and Ben Akabueze, head of the budget office. Nigeria may increase the size…

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Nigeria to Meet New York Investors to Sell Longest-Dated Bonds

Nigeria to Meet New York Investors to Sell Longest-Dated Bonds

LAGOS (Capital Markets in Africa) – Nigeria is set to meet global debt investors this week as it looks to sell its longest-maturity Eurobond yet. The government mandated Citigroup Inc. and Standard Chartered Plc to arrange a 10- and 30-year transaction, according to a person familiar with the matter, who isn’t authorized to speak publicly. Nigerian officials will hold conference calls today, before meeting investors in London on Thursday and in New York on Friday,…

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Swaziland Could Be Next to Sell a Eurobond

Swaziland Could Be Next to Sell a Eurobond

SWAZILAND (Capital Markets in Africa) – Another African country is considering selling dollar debt — but its international debt market debut may be hindered by its economy is too small. Swaziland is debating whether to issue a Eurobond and should decide by January or February, Bheki Bhembe, principal secretary at the Finance Ministry, said by phone Tuesday. The problem is that the country would probably need to raise a minimum of $500 million if it were…

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Nigerian Bank Just Sold Most Expensive Emerging-Market Bond

Nigerian Bank Just Sold Most Expensive Emerging-Market Bond

LAGOS (Capital Markets in Africa) – Nigeria’s Fidelity Bank Plc sold the highest-yielding Eurobond from emerging markets this year, joining a rush for issuance before higher U.S. interest rates push up borrowing costs. The mid-sized Lagos-based lender issued $400 million of five-year securities with a 10.75 percent yield on Wednesday, according to a person familiar with the matter who asked not to be identified. The deal initially had guidance of about 11 percent, said the person. Fidelity is the…

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Nigeria Plans to Sell $5.5 Billion of Eurobonds by Year-End

Nigeria Plans to Sell $5.5 Billion of Eurobonds by Year-End

LAGOS (Capital Markets in Africa) – Nigeria plans to sell as much as $5.5 billion of Eurobonds in the next three months to fund capital projects and replace local-currency debt, according to the Debt Management Office. Yields on existing bonds rose to the highest in two months. The new offers would bring the amount raised through Eurobond sales by Africa’s most-populous nation this year to more than $7 billion as President Muhammadu Buhari’s administration restructures its…

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South Africa Tests Eurobond Market After Rating Downgrade

South Africa Tests Eurobond Market After Rating Downgrade

JOHANNESBURG (Capital Markets in Africa) – South Africa’s borrowing costs may rise in a Eurobond offering Tuesday, the country’s first since it joined the ranks of high-yield issuers after two companies lowered its credit ratings to junk. The country is selling 10-year dollar bonds with initial price guidance of about 5 percent, the National Treasury said in an emailed response to questions, without disclosing the amount. That’s higher than the rate on existing securities due…

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