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Nigeria Plans to Sell $5.5 Billion of Eurobonds by Year-End

  • Nation to issue $2.5 billion in October to fund 2017 budget
  • Remainder to be sold to replace naira-denominated debt
Photographer: George Osodi/Bloomberg
Updated on

Nigeria plans to sell as much as $5.5 billion of Eurobonds in the next three months to fund capital projects and replace local-currency debt, according to the Debt Management Office. Yields on existing bonds rose to the highest in two months.

The new offers would bring the amount raised through Eurobond sales by Africa’s most-populous nation this year to more than $7 billion as President Muhammadu Buhari’s administration restructures its debt portfolio to almost double the portion of foreign borrowing in a bid to reduce financing costs.