By Helen Oji With Agency Report
Nigeria sold $2.5 billion of Eurobonds as it sought to lower funding costs by using the notes to refinance higher-yielding naira debt.
Africa’s biggest economy on Thursday issued $1.25 billion of 12-year securities with a yield of 7.14 percent and a separate 20-year tranche, also $1.25 billion, at 7.7 percent, the finance ministry said on Twitter. Investors placed more than $11.5 billion of orders, according to the ministry.
The sale completes a program of increasing foreign debt to help reduce the burden of double-digit yields on local-currency bonds. Nigeria says the extra funds will be used to improve infrastructure and help revive the economy after it contracted in 2016 for the firs…
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