Nigeria’s $1bn Eurobond starts trading on London Stock Exchange

  • Nigeria’s $1 billion 15 year government bonds starts trading on London Stock Exchange today
  • 15 year Nigerian Eurobond is the longest ever maturity for an international  Nigerian issuance
  • Offer is nearly eight times oversubscribed, reaching approximately $7.7bn, highlighting strong international investor demand
  • Demonstrates confidence in Nigeria’s economy
  • Reinforces London’s status as a leading global financial centre

London Stock Exchange welcomes Nigeria’s $1 billion Eurobond to start trading in London today. The 15 year government bond, paying a coupon of 7.875 per cent, is the longest ever maturity for an international Nigerian bond, the first international issuance for the country since 2013. The offer was nearly eight times oversubscribed, with the order book closing at approximately $7.7 billion. The listing secured high quality investor support from across the US and Europe and will support Nigeria in financing its long term infrastructure projects.

Today’s listing builds on the recent pipeline of several high profile sovereign, supranational, municipal and private company bond issuances on London Stock Exchange. In January 2017, Israel listed its largest ever Eurobond offering of €2.25 billion in London.

Ibukun Adebayo, Head of Middle East, Africa and South Asia, International Markets Unit, London Stock Exchange:
“Nigeria’s choice of London Stock Exchange for its first international bond offering since 2013 underlines London Stock Exchange’s position as a leading global venue for debt fund raising and London’s enduring status as a market open to the world.

“The success of Nigeria’s bond listing is a strong statement of international investor interest in building exposure to Nigeria’s economy. It reinforces London Stock Exchange’s status as a strong partner to Nigeria and the City’s ability to provide a deep additional channel of finance for the development of Nigerian infrastructure and the growth of the economy.”

The Economic Secretary to the Treasury, Simon Kirby MP, British Government:
“I am delighted that the Nigerian government has chosen London as the location to list its $1bn sovereign bond.

“This issuance underlines Britain’s position as the world’s leading global financial centre and strengthens our economic and financial relationship with Nigeria.”

London Stock Exchange Group has a long history of supporting the development of African capital markets and investment in African companies.

  • There are currently 9 African sovereign bonds listed in London, from Gabon, Ghana, Namibia, Nigeria and Zambia
  • There are 111 African companies listed or trading on London Stock Exchange – more than on any other international stock exchange.
  • These companies have a total market capitalization of over US$200 billion, and in the last 10 years have raised more than $26 billion on our markets.
  • Seplat was the first Nigerian company to simultaneously dual list equity shares in London and Nigeria in April 2014
  • In November 2014, London Stock Exchange Group and The Nigerian Stock Exchange signed a capital markets agreement to support African companies seeking dual listings in London and Lagos. The agreement followed the implementation earlier in 2014 of a unique new cross-border settlement process between the UK and Nigeria
  • In March 2016, LSEG established an Africa Advisory Group, bringing together 12 distinguished business leaders, policymakers and investors from across Africa, to discuss the challenges and opportunities presented by the development of the continent’s capital markets.
  • In June 2014, LSEG signed a strategic agreement with Casablanca Stock Exchange to share its expertise on the full exchange business chain, from listing to trading, and from clearing to settlement and custody with a commitment to position Casablanca’s capital markets and financial infrastructure as a regional hub.
  • LSEG market infrastructure technology is deployed in more 12 African markets, including Botswana Stock Exchange, Casablanca Stock Exchange and Johannesburg Stock Exchange

- Ends -

More recent

LSEG announces new CEO of London Stock Exchange plc

London Stock Exchange Group plc (“LSEG”, “the Group”) today announces that Julia Hoggett has been appointed as CEO of London Stock Exchange plc, a regulated subsidiary of LSEG. She will report to Murray Roos, Group Director, Capital Markets, LSEG and will start her position next year. Denzil Jenkins will continue as interim CEO of London Stock Exchange plc until Julia joins the Group to ensure

Learn more
Shanghai-London Stock Connect welcomes China Yangtze Power Co.

To view the announcement in Chinese, please download the PDF.

China Yangtze Power Co. raises US$1.83 billion through a global offering of GDRs listed on London Stock Exchange through Shanghai-London Stock Connect and traded on the Shanghai Segment of London

Learn more
Shanghai-London Stock Connect welcomes China Pacific Insurance (Group) Co., Ltd.

CPIC raises US$1.8 billion (prior to any exercise of the over-allotment option) / US$2.0 billion (assuming full exercise of the over-allotment option) through listing of GDRs in London on the Shanghai-London Stock Connect Segment (Shanghai Segment) of London Stock Exchange Largest capital raise via an admission to London Stock Exchange in 2020 to date CPIC has been admitted to trading on th

Learn more
London Stock Exchange celebrates AIM’s 25th anniversary

Over 3,800 companies admitted to AIM since launch, raising £118bn in equity capital AIM supports SMEs access capital to create jobs, innovate and drive the UK economy New Grant Thornton research shows AIM companies directly contributed £33.5bn to UK GDP and supported more than 430,000 jobs in 2019 Almost 60% of the UK-incorporated AIM businesses are based outside London 

Lond

Learn more