Nigeria redeems 10-year $500m Eurobond – DMO

Nigeria has redeemed a $500 million Eurobond, the Debt Management Office (DMO), said on Wednesday.

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

The DMO in a press statement on Wednesday, re-affirmed Nigeria’s commitment to meeting her debt service obligations.

According to the statement, the Eurobond was issued in July 2013 (as part of a dual-tranche $1 billion Eurobond) for a tenor of 10 years at a coupon of 6.375 percent per annum.

It said 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 $500 million Eurobond redeemed on Wednesday, the DMO said brought the total amount of securities redeemed by Nigeria in the International Capital Market (ICM) to USD1.8 billion.