Nigeria pays down a $500 million Eurobond that has been outstanding for ten years

According to the DMO, Nigeria already redeemed a 500 million dollar Eurobond in July 2018, as well as another 500 million dollar Eurobond in January 2021.Nigeria redeemed a 500 million USD 10-year tenor Eurobond with a maturity date of July 12, 2023 on Wednesday.The Eurobond, according to the Debt Management Office (DMO), was issued in July 2013 as part of a dual-tranche one billion dollar Eurobond with a tenor of ten years and a coupon of 6.375 percent per annum. According to the DMO, the repayment of the Eurobond demonstrates the country's commitment to meeting its debt service responsibilities. It said that Nigeria had previously redeemed a 500 million dollars Eurobond in July 2018, another 500 million dollars Eurobond in January 2021, and a 300 million dollars Diaspora Bond in June 2022. “These, together with the 500 million dollars Eurobond redeemed today, bring the total amount of securities redeemed by Nigeria in the International Capital Market (ICM) to 1.8 billion dollars. “Nigeria’s successful redemption of its Eurobonds and Diaspora Bond in the ICM over the past six years is a demonstration of its strong debt management operations and planning," the DMO said.