Nigeria Records Highest-Ever Eurobond Subscription, Advised by FSDH Merchant Bank
Nigeria has achieved a significant milestone in the international financial markets, following the successful issuance of a USD 2.347 billion Eurobond, advised by FSDH Merchant Bank Limited in collaboration with the Debt Management Office (DMO). The transaction attracted strong interest from global investors, receiving bids of more than USD 13 billion, over 5.5 times the amount offered. This record level of subscription comes despite ongoing economic and geopolitical uncertainties worldwide.
The Eurobond issuance was structured in two parts (referred to as “tranches”):
- 10-year bond: US$1.247 billion at a coupon of 8.6308%, maturing January 26, 2036
- 20-year bond: US$1.1 billion at a coupon of 9.1297%, maturing January 26, 2046
What This Means
A Eurobond is a type of international loan that countries or companies issue to raise money from investors around the world. In return, they agree to pay interest (called a coupon) over a set number of years before repaying the full amount borrowed.
The strong demand for Nigeria’s Eurobond shows that international investors are increasingly confident in the direction of the country’s economic reforms and financial management. This follows Nigeria’s return to the international capital markets in December 2024 and reinforces the positive momentum around the nation’s fiscal recovery and stabilization plans.
Our Role in This
FSDH acted as Financial Adviser to the Federal Government on this issuance, providing strategic guidance to ensure the structure, pricing, and timing of the issuance aligned with market conditions and global investor appetite.
The landmark issuance sets a strong precedent for future government financing activities and signals renewed investor trust in Nigeria’s long-term economic trajectory.
FSDH is committed to supporting Nigeria’s economic advancement. We remain dedicated to supporting national development through sound financial solutions.
