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Buyers Look Past the Naira Fix as Nigeria Issues Eurobond
By and
Updated on
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Government sold $1 billion of 15-year bonds at below 8 percent
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Yield falls on first day of trading by almost 5 basis points
Investors may be fretting about Nigeria’s naira dilemma, but they’re still buying the country’s dollar debt.
Africa’s most-populous nation returned to international capital markets for the first time in almost four years Thursday, selling $1 billion of 15-year bonds yielding 7.875 percent, below the initial guidance of about 8.5 percent. Investors placed more than $7.8 billion of bids, according to a statement from the finance ministry.
