The Federal Government of Nigeria has redeemed a $500 million ten-year tenor Eurobond on July 12, 2023, its due date.
This was disclosed by the Debt Management Office (DMO) in a statement issued on Wednesday and made available to newsmen.
Eurobond is a debt instrument that’s denominated in a currency other than the home currency of the country or market in which it is issued.
In the statement, DMO said the Eurobond was issued in July 2013 as part of a dual-tranche one billion dollars Eurobond for a tenor of 10 years at a coupon of 6.375 per cent per annum.
The Debt Management Office said the successful redemption of the Eurobond shows the country’s commitment to meeting its debt service obligations.
DMO added that Nigeria had previously redeemed a $500 million Eurobond in July 2018, another $500 million Eurobond in January 2021, and a $300 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,” the DMO added.
