Breaking: Nigeria’s $1 billion Eurobond Oversubscribed By 6 Folds
Nairametrics on February 9, 2017
Update:

We understand the deal is not yet closed
Subscriptions are currently at about $7.8 billion
Rates may actually close at below 8%
This is a developing story
Nairametrics| Nigerian government officials have successfully wrapped up sales of the country’s Eurobond, after a 4-city roadshow in the US and UK. Reports reaching Nairametrics suggest the $1 billion 15 year tenor Eurobond was oversubscribed by as much as 6 folds.



This is fantastic news for Finance Minister Kemi Adeosun who has had to deal with issues surrounding her competency having been compared with her predecessor Okonjo Iweala. It is also good news for the embattled CBN Governor, Godwin Emefiele who has had to fight off criticisms of his exchange rate policy, a potential headwind in the success of the road show. It was alleged that his absence in the road show was deliberate.

Although there was initial skepticism around the potential uses of the bond proceed, given the fact that the public haven’t yet seen a comprehensive Economic recovery plan and precise uses of the proceed, Investors however, piled up to have a slice of Nigeria’s debt.

This can be attributed to the fact that yields are very low globally, given the muted growth being experienced all over the world. Nigeria’s Eurobond is attractive given the fact that it offers a yield of more 8.125% in an environment than even offers negative rates.

Following the interest rate environment, Emerging market bonds have held their attractiveness for investors who are always on the look out for yields.


Demand for Nigeria’s Eurobond was as high as $4.5bn ($6.6 billion from other sources) of orders for a $1bn 15 year issue; showing that it was oversubscribed by at least $3.5 billion.

Given this high level of demand displayed by international investors, Analysts are of the opinion that Nigeria should have taken the opportunity to tap more funds from the global markets, stating that raising only $1 billion is inefficient.

However, given the riskiness of Nigerian debt in the light of adverse macro indices and uncertainty around the currency, the Eurobond was priced relatively higher at 8.125%.

Concerns still remain over the potential use of the proceeds, as it may be spent supporting recurrent expenditure, or supporting the Naira.

More to follow…

http://nairametrics.com/investors-oversubscribe-nigerias-1b-eurobond/?utm_source=&utm_medium=twitter

lalasticlala

Ok!

Amazing

Click like for using the fund to support Mr. Naira
Click share for Mrs. Recurrent expenditure support.

For me and Ikenga, I Click Like.

But where is lalasticlala now?

NgeneUkwenu:
Breaking: Nigeria’s $1 billion Eurobond Oversubscribed By 6 Folds
Nairametrics on February 9, 2017
Update:

We understand the deal is not yet closed
Subscriptions are currently at about $7.8 billion
Rates may actually close at below 8%
This is a developing story
Nairametrics| Nigerian government officials have successfully wrapped up sales of the country’s Eurobond, after a 4-city roadshow in the US and UK. Reports reaching Nairametrics suggest the $1 billion 15 year tenor Eurobond was oversubscribed by as much as 6 folds.



This is fantastic news for Finance Minister Kemi Adeosun who has had to deal with issues surrounding her competency having been compared with her predecessor Okonjo Iweala. It is also good news for the embattled CBN Governor, Godwin Emefiele who has had to fight off criticisms of his exchange rate policy, a potential headwind in the success of the road show. It was alleged that his absence in the road show was deliberate.

Although there was initial skepticism around the potential uses of the bond proceed, given the fact that the public haven’t yet seen a comprehensive Economic recovery plan and precise uses of the proceed, Investors however, piled up to have a slice of Nigeria’s debt.

This can be attributed to the fact that yields are very low globally, given the muted growth being experienced all over the world. Nigeria’s Eurobond is attractive given the fact that it offers a yield of more 8.125% in an environment than even offers negative rates.

Following the interest rate environment, Emerging market bonds have held their attractiveness for investors who are always on the look out for yields.


Demand for Nigeria’s Eurobond was as high as $4.5bn ($6.6 billion from other sources) of orders for a $1bn 15 year issue; showing that it was oversubscribed by at least $3.5 billion.

Given this high level of demand displayed by international investors, Analysts are of the opinion that Nigeria should have taken the opportunity to tap more funds from the global markets, stating that raising only $1 billion is inefficient.

However, given the riskiness of Nigerian debt in the light of adverse macro indices and uncertainty around the currency, the Eurobond was priced relatively higher at 8.125%.

Concerns still remain over the potential use of the proceeds, as it may be spent supporting recurrent expenditure, or supporting the Naira.

More to follow…

http://nairametrics.com/investors-oversubscribe-nigerias-1b-eurobond/?utm_source=&utm_medium=twitter

lalasticlala

Ngenebobrisky my Yoruba Muslim brother/sister I no see u for DAT fayose solidarity rally thread, wetin happen na??

Keneking:
Amazing

Click like for using the fund to support Mr. Naira
Click share for Mrs. Recurrent expenditure support.

For me and Ikenga, I Click Like.

But where is lalasticlala now?

I choose infrastructural development.

Who believes this thrash? OP, You need help. Someone should get that anti-zombie serum biko.

another headache for wailers.

Babacele:
another headache for wailers.

Another ponzi scheme of lies sold to zombies

ImadeUReadThis:


Another ponzi scheme of lies sold to zombies

even if Jesus Christ bring angel journalists to cover the event, devilish wailers whose deliberate blindness to good things have sentenced them to perdition, won't believe.

Babacele:
even if Jesus Christ bring angel journalists to cover the event, devilish wailers whose deliberate blindness to good things have sentenced them to perdition, won't believe.

Buhari is not coming back.

Get over it and move on

ImadeUReadThis:


Buhari is not coming back.

Get over it and move on

And if by accident he comes back, we shall all be here to celebrate and rejoice your funeral on that day.

ImadeUReadThis:


Buhari is not coming back.

Get over it and move on

May the will of God be done, and may it be done to you according to thy wish for Buhari. Say 'amen'.

I taya for Nigerians......They ar not Trully hungry.

At first they said Pmb is dead....they said if he z not dead, FG should show his face. He then appeared with his Wife at d London hospital.

Later again, these Unseroius people said he is in Coma, som said somthin is fishy.....He then showed up again wearin Jalabia togeda with Tinubu and Akande.... They came up wit anoda matta again sayin how many times will he wear dat kind of Jalabia gown?? Som even said he shuld speak to dem thru a video as if a dead man can sit comfortably on a cushion like that....As if speakin to dem thru d video wil erase d hardship they ar facin in their land.

Wat does an average Nigerian citizen really want from their leader??.....Is it his Mode of dressin or his mode of good gorvenance??...Is it his ethnic bakground or good govnance....is it his physical appearance or goodgovnance??......Let us try to change our mindset

NgeneUkwenu:
Breaking: Nigeria’s $1 billion Eurobond Oversubscribed By 6 Folds
Nairametrics on February 9, 2017
Update:

We understand the deal is not yet closed
Subscriptions are currently at about $7.8 billion
Rates may actually close at below 8%

http://nairametrics.com/investors-oversubscribe-nigerias-1b-eurobond/?utm_source=&utm_medium=twitter

lalasticlala

Ngene, if any wailer die of hypertension, I know say na your Breaking News kill am.
Kudos, keep it coming...
Nigeria Shall be great.
Meanwhile....

BREAKING: @officialEFCC just found $9.2m cash and £74,000 after raiding the home of a former GMD of @NNPCgroup Andrew Yakubu in Kaduna

sparrowkid:

And if by accident he comes back, we shall all be here to celebrate and rejoice your funeral on that day.

LOL, you mean he would have committed suicide than kill himself

https://www.youtube.com/watch?v=mRmGmM_bAV8

Nigeria's Eurobond sale begins in London