The Debt Management Office (DMO) says American investors are the largest buyers of Nigeria’s $2.5bn Eurobond.

New data released by DMO indicated that for Eurobond notes with a 12-year tenor, American investors purchased 55%, while British investors bought 32%; European investors took 11% of the Eurobond.

For Eurobond with 20-year tenor, American investors bought 59% while British and European investors purchased a combined 40% of Eurobond notes.

Asset managers dominated the investors’ category purchasing 81% of the Eurobond for 12 and 20 years tenor respectively.

Hedge funds managers bought 13% (12-year tenor) and 14% (20-year tenor) respectively.

On February 15, the Nigerian government announced a $2.5bn Eurobond of dual series notes under its global medium term note programme.

The Eurobond notes attracted significant interest from the global business community, with a peak order of over $11.5bn.

Proceeds are expected to refinance domestic debt.

Source: thecable

News Reporter

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