Nigeria began the sale of a $2.3 billion Eurobond on Wednesday, marking its second issuance of a dollar debt after a comeback to the international capital market last December after an almost three-year lull.
The debt sale comes one week after the parliament acceded to President Bola Tinubu’s move to borrow that sum, which will aid his government in closing the fiscal gap in its spending plan for this year.
Two securities, comprising a 10-year tranche of 9.13 per cent yield and a 20-year tranche of 9.63 per cent yield, are up for grab.
“We expect the market to support the offer, considering that we are in an environment where emerging market yields are a lot
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