Nigerian govt to issue $500m dollar-dominated bond Monday

The Federal Government of Nigeria plans to issue a $500 million dollar-denominated domestic bond next week Monday to attract both local and international investors.

Gbadebo Adenrele, Managing Director of Investment Banking, at United Capital Group, disclosed this during a hybrid roadshow with investors organised by the Debt Management Office (DMO) on Thursday.

“The auction will open next week on Monday. Next week Monday, we will have that open, and the details of that will be communicated to the market”, he said.

Recall that the Minister of Finance, Wale Edun had announced plans to commence the $500 million dollar-dominated bond to catalyze economic growth in the country.

Similarly, the Director General of the Debt Management Office (DMO), Patience Oniha, said that the settlement date for the domestic dollar bond auction would be 10 days after the auction date.

The government said the auction was targeting $1 billion in total subscriptions through the bond auction, doubling its initial offer.