Nigeria Plans $2.5 Billion Eurobond Sale in First Quarter

Nigeria selling dollar bonds to refinance local-currency debt
Nation seeks to return to JPMorgan’s local-currency bond index

General Economy In Nigeria's Capital — Photographer: George Osodi/Bloomberg

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By David Malingha, Antony Sguazzin, and Sophie Mongalvy

January 25, 2018 at 9:46 AM UTC

Updated on

January 25, 2018 at 2:08 PM UTC

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Nigeria may sell $2.5 billion of Eurobonds in the first quarter to refinance domestic debt and wants to start talks with JPMorgan Chase & Co. about being reinstated in its local-currency emerging-market bond index, according to a government official.

The issuance would complete a dollar-debt program that started with selling $3 billion of Eurobonds in November, said Debt Management Office Director-General Patience Oniha. The yield on dollar bonds due November 2027 have fallen about 60 basis points since they were issued late last year to 5.92 percent, almost eight percentage points lower than the yield on similar maturity local-currency government bonds.