Success of Eurobond linked to increased appetite of foreign investors for Nigeria

By Helen Oji   |   22 February 2017   |   4:22 am  

Chief Executive Officer, London Stock Exchange (LSE), Nikhil Rathi (left); Director-General, National Pension Commission (PENCOM), Chinelo Anohu-Amazu; UK Minister for International Trade, Greg Hands; Nigeria’s Minister of Finance, Kemi Adeosun; Chief Executive Officer, the Nigerian Stock Exchange (NSE), Oscar N. Onyema; Executive Director, Capital Markets Division, Haruna Jalo-Waziri.

• As trading on bond commences on LSE platform
The International Markets Unit – Head of Middle East, Africa and South Asia, London Stock Exchange, (LSE), Ibukun Adebayo, has described the success of Nigeria’s bond listing as a strong indication of international investors’ interest in building exposure to the nation’s economy.

Adebayo said this during the listing of the Nigeria’s $1 billion 15-year government bonds on LSE platform.

According to him, the listing, which secured high quality investor support from across the United States and Europe, would support Nigeria in financing its long-term infrastructure projects.

Adebayo explained that the listing of the bond on LSE builds on the recent pipeline of several high profile sovereign, supranational, municipal and private company bond issuances on the LSE.

He noted that the offer, nearly eight times oversubscribed, reaching approximately $7.7billion, highlights strong international investor demand and demonstrates confidence in Nigeria’s economy.

Furthermore, Adebayo added that the listing reinforces LSE status as a strong partner to Nigeria, as well as the City’s readiness to provide a deep additional channel of finance for the development of Nigerian infrastructure and the growth of the economy.

“In January 2017, Israel listed its largest ever Eurobond offering of €2.25 billion in London. Nigeria’s choice of London Stock Exchange for its first international bond offering since 2013 underlines LSE position as a leading global venue for debt fund raising and London’s enduring status as a market open to the world.”

Also, the Economic Secretary to the Treasury, Simon Kirby, said: “I am delighted that the Nigerian government has chosen London as the location to list its $1 billion 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.”

With a coupon of 7.875 per cent, the 15 year government bond, is the longest ever maturity for an international Nigerian bond, the first international issuance for the country since 2013. The offer was nearly eight times oversubscribed, with the order book closing at approximately $7.7 billion.

LSE Group has a long history of supporting the development of African capital markets and investment in African companies.



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