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    STAN   GB0004082847

STANDARD CHARTERED PLC

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Nigeria raises $4 billion Eurobond on healthy investor demand

09/21/2021 | 06:45pm EDT

ABUJA, Sept 21 (Reuters) - Nigeria raised $4 billion via a Eurobond issue on Tuesday after investors demanded more than four times the amount on offer, the Debt Management Office (DMO) said.

The DMO said the West African country attracted demand of $12.2 billion for the notes, which enabled it to raise the value of its initial offering by $1 billion.

Nigeria opened its order book for the bond offering on Tuesday, aiming to issue the bond next week, according to a notice to investors seen by Reuters.

The West African country issued the debt in tranches of three tenors. It raised $1.25 billion for seven years at a yield of 6.125% and sold a 12-year bond at 7.375% to fetch $1.5 billion. A 30-year tranche of $1.25 billion was sold at 8.25%.

Bids were received from Europe, America and Asia with participation from local investors. The government had arranged a two-day call with investors last week and on Monday, with the DMO saying that the bond would be priced following the meetings.

The notice set Sept. 28 for the bond settlement, which will be listed on the London and Nigerian Stock Exchanges.

The Eurobonds are part of a government plan to raise 2.343 trillion naira ($5.71 billion) in external financing to help fund spending in 2021 and to partly finance the 5.6 trillion naira deficit.

Nigeria picked JPMorgan, Citigroup, Standard Chartered and Goldman Sachs as international bookrunners, and local firm Chapel Hill Denham on the forthcoming Eurobond issue. ($1 = 410.50 naira) (Reporting by Chijioke Ohuocha; Editing by Catherine Evans and Edmund Blair)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CITIGROUP INC. -0.76% 70.83 Delayed Quote.14.87%
JPMORGAN CHASE & CO. -0.49% 170.94 Delayed Quote.35.19%
STANDARD CHARTERED PLC 0.27% 490.5 Delayed Quote.4.98%
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Sales 2021 14 967 M - -
Net income 2021 2 545 M - -
Net Debt 2021 - - -
P/E ratio 2021 8,63x
Yield 2021 2,50%
Capitalization 20 727 M 20 746 M -
Capi. / Sales 2021 1,38x
Capi. / Sales 2022 1,31x
Nbr of Employees 84 740
Free-Float 93,5%
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William Thomas Winters Group Chief Executive Officer & Executive Director
Andrew Nigel Halford Group Chief Financial Officer & Executive Director
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