Nigeria’s us$4bn triple-trancher lands bumper demand

Published: September 23, 2021

Nigeria garnered US$12.2bn of peak demand for a triple-tranche Eurobond in September, with the sovereign rewarded for braving a volatile market.

Nigeria, rated B2/B-/B, followed up two days of virtual meetings by opening books on dollar bonds maturing in September 2028, 2033 and 2051 via lead banks Citi, Goldman Sachs, JP Morgan and Standard Chartered.

The trade came at a time when emerging market dollar debt was swinging sharply wider because of the potential default of Chinese mega-property company Evergrande, the second biggest property company in China with US$305bn of liabilities, and the expectations of tightening monetary policy from the US Federal Reserve meeting days after the notes printed.

A major concern with Evergrande was whether it was going to make an US$84m coupon payment on Thursday, September 23.

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