Nigeria Sells $2.5 Billion Eurobonds to Replace Naira Debt – Bloomberg

Nigeria sold $2.5 billion of Eurobonds as it sought to lower funding costs by using the notes to refinance higher-yielding naira debt.

Africas 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 b…

Read the full article at: https://www.bloomberg.com/news/articles/2018-02-15/nigeria-sells-2-5-billion-of-eurobonds-to-replace-naira-debt