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Federal Government Redeems $500 Million Eurobond, Demonstrates Strong Debt Management Operations

The Debt Management Office (DMO) of the Federal Government has fulfilled its obligation by redeeming a $500 million Eurobond on the scheduled date of July 12, 2023.

Back in July 2013, the Eurobond was issued as part of a dual-tranche USD1 billion Eurobond, with a maturity period of ten (10) years and an annual coupon rate of 6.375%.

According to the DMO, Nigeria has previously repaid a USD500 million Eurobond in July 2018, another USD500 million Eurobond in January 2021, and a USD300 million Diaspora Bond in June 2022. Including the recent redemption of the USD500 million Eurobond, Nigeria has now redeemed a total of USD1.8 billion worth of securities in the International Capital Market (ICM).

The successful redemption of Nigeria’s Eurobonds and Diaspora Bond in the ICM over the past six (6) years is a testament to the country’s robust debt management operations and strategic planning.

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