Nigeria repays $500m Eurobond debt – DMO reveals

The Debt Management Office, DMO revealed Nigeria has redeemed a $500 million Eurobond on its due date, 12th of July, 2023.

According to the Debt Management Office, in a statement dated on Wednesday night stated that this is part of a dual-tranche US$1 billion Eurobond for a tenor of ten (10) years at a coupon of 6.375% per annum;

Eurobond is a debt instrument that’s denominated in a currency other than the home currency of a particular country or market in which it is issued.

In the statement, the DMO said the successful redemption of the Eurobond shows the country’s commitment to meeting its debt service obligations.

DMO furthered that the Eurobond was issued in July 2013 (as part of a dual-tranche USD1 billion Eurobond) for a tenor of ten years at a coupon of 6.375 percent per annum.

According to the statement which reads in part stated,

“Nigeria had previously redeemed a USD500 million Eurobond in July 2018, another USD500 million Eurobond in January 2021, and a USD300 million Diaspora Bond in June 2022. These, together with the USD500 million Eurobond redeemed today, bring the total amount of securities redeemed by Nigeria in the International Capital Market (ICM) to USD1.8 billion.”

“Nigeria’s successful redemption of its Eurobonds and Diaspora Bond in the ICM over the past six (6) years is a demonstration of its strong debt management operations and planning.”