Nigeria has redeemed a $500 million Eurobond on its due date of July 12, 2023, according to the Debt Management Office (DMO).
The DMO stated in a statement on Wednesday that the Eurobond was issued in July 2018 as part of a $1 billion dual-tranche for a 10-year term with a coupon of 6.375% per annum.
The successful redemption of the Eurobond, according to the DMO, demonstrates the country’s commitment to meeting its debt service responsibilities.
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The statement reads: “Nigeria had previously redeemed a USD500 million Eurobond in July 2018, another USD500 million Eurobond in January 2021, and a USD300 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.
The effective redemption of Nigeria’s Eurobonds and Diaspora Bonds in the ICM over the last six (6) years demonstrates the country’s strong debt management procedures and strategy.”
According to Newsmen, a Eurobond is a financial instrument denominated in a currency other than the home currency of the country or market in which it is issued.
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