Nigeria, today, announced the launch of a dual-tranche U.S. dollar-denominated benchmark Eurobond to address the country’s 2025 fiscal budget deficit and refinance existing outstanding indebtedness.
The offering is structured into two distinct tenors: a 10-year tranche maturing on November 13, 2035, and a 20-year tranche maturing on November 12, 2045. Both tranches are described as Senior Unsecured Notes.
The coupon rate for the 10-year paper is in the 9.125 percent area, while the longer-dated 20-year tranche has been guided in the 9.625 percent.
The notes will settle on November 13, 2025. The proceeds from the issuance are earmarked primarily for the funding of the 2025 fiscal deficit of the budget, providing the government with essential capital to manage its financial requirements and stimulate key sectors of the economy.
Read also: Nigeria to refinance its $1.1 billion Eurobond due November
The issuance comes as global interest rates remain elevated. The bonds, which are available to eligible counterparties and professional clients only (MiFIR / MiFID II target market), hold current credit ratings of B (Stable) from Fitch, B- (Stable) from S&P, and B3 (Stable) from Moody’s.
The notes will ensure maximum accessibility for international and local investors, with listings planned across the London Stock Exchange (Main Market), the Nigerian Exchange Limited (NGX), and the FMDQ Securities Exchange Limited. Clearing will be handled through DTC, Euroclear, and Clearstream, Luxembourg.
The International Bookrunners include Citi (Billing and Delivery), Goldman Sachs International, J.P. Morgan, and Standard Chartered Bank, while Chapel Hill Denham has been appointed as the sole Nigerian Bookrunner.
