Nigeria Prices Tap of 2017 and 2022 Naira Bonds

The Federal Government has raised a combined N8.674 billion($52.8 million) from a reopening of its 2017 and 2022 naira-denominated global depositary notes, according to one of the lead managers.
The sovereign priced a N3.337 billion tap of its 15.10 percent 2017s at a cash price of 108.52 to yield 11.35 percent, and a N5.310 billion tap of its 16.39 percent 2022s at a price of 119.88 to yield 12.25 percent.
Final terms on the notes came in line with guidance of 11.35 percent area and 12.25 percent area respectively for the two notes.
The sovereign, rated Ba3/BB-/BB-, was expected to raise up to $70 million equivalent from the offering.
Citigroup was global coordinator on the offering, joined by Stanbic and Standard Chartered as bookrunners. 
Source: Reuters

Leave a Reply

Your email address will not be published. Required fields are marked *