Nigeria redeems $500m Eurobond, vows to meet debt service obligations

Nigeria on Wednesday redeemed a $500 million 10-year tenor Eurobond with the due date of July 12, 2023.

This development was confirmed in statement issued by the Debt Management Office on Wednesday in Abuja.

It said that the Eurobond was issued in July 2013 as part of a dual-tranche $1 billion Eurobond for a tenor of 10 years at a coupon of 6.375 per cent per annum.

The DMO said that the redemption of the Eurbond was a demonstration of the country’s commitment to meeting its debt service obligations.

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It said that Nigeria had previously redeemed a $500 million Eurobond in July 2018, another $500 million Eurobond in January 2021 and a $300 million Diaspora Bond in June 2022.

The DMO said: “These, together with the $500 million Eurobond redeemed today, bring the total amount of securities redeemed by Nigeria in the International Capital Market (ICM) to $1.8 billion.

“Nigeria’s successful redemption of its Eurobonds and Diaspora Bond in the ICM over the past six years is a demonstration of its strong debt management operations and planning.”