The Federal Government yesterday said it has priced its offering of $3bn aggregate principal amount of dual series notes under its US$4.5 billion Global Medium Term Note programme (increased from US$1.5bn).
The notes comprise a US$1.5bn 10-year series and a US$1.5 billion 30-year series.
The 10-year series will bear interest at a rate of 6.5%, while the 30-year series will bear interest at a rate of 7.625%, which will be repayable with a bullet repayment of the principal on maturity.
A statement yesterday by the Special Adviser to the minister of finance, Mr Oluyinka Akintunde said the offering, which attracted significant interests from global investors, is expected to be closed on or about 28 November, 2017, subject to the satisfaction of various conditions.
When issued, the notes will be admitted to the official list of the UK Listing Authority and available to trade on the London Stock Exchange’s regulated market.
Nigeria may apply for the notes to be eligible for trading and listed on the Nigerian FMDQ OTC Securities Exchange and the Nigerian Stock Exchange.
The pricing was determined following a road show led by the ministers of finance, budget and national planning, CBN governor, among others.
Source: Daily Trust