Nigeria $3 billion two tranche bond issue

Overview:

• The Government of Nigeria issued a $3 billion bond in two tranches under its $4.5 billion GMTN programme.
• The Rule 144A and Regulation S bond was split into tranches of $1.5 billion 6.5% notes maturing in 2027 and $1.5 billion 7.635% notes maturing in 2047. 
• The notes were listed on the LSE. 
• Nigeria issued the bond to refinance some of its outstanding debt. 
• Citigroup and Standard Chartered managed the issue. 

Ben Naylor - Editor