Nigeria’s Debt Management Office (DMO) has disclosed that the country’s 6.75% USD500 million January 2021 Eurobond, which matured on January 28, 2021, will be redeemed.
To facilitate the timely redemption, the Federal Government has made funds available to DMO to repay both the principal sum of USD500 million and the accrued interest.
The 6.75% USD500 million January 2021 Eurobond, which was issued in January 2011, was Nigeria’s first foray into the International Capital Market (ICM).
The issuance of the Eurobond enabled Nigeria to diversify its sources of funding as it successfully raised a total of USD10,668.35 million from the ICM thereafter, making a total of USD11,168.35 million to finance the implementation of the Federal Budgets. This is in addition to contributing to Nigeria’s external reserves.
Interestingly, some private sector entities, largely banks, have been raising dollar-denominated bonds from the ICM since Nigeria’s foray into the market in January 2011.