DMO Lists $3b Eurobonds, $3m Diaspora Bonds on NSE

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By Dipo Olowookere

The Debt Management Office (DMO) on Thursday finally listed the $3 billion Eurobonds and $300 million FGN Diaspora bonds on the Nigerian Stock Exchange (NSE).

Director General of the DMO, Ms Pat Oniha, during the listing yesterday, disclosed that the bonds would be used by the Federal Government to finance infrastructure projects across the country.

According to her, these projects are expected to transform the socio-economic landscape of the Africa’s largest economy.

Ms Oniha, while engaging stakeholders on the ‘Facts Behind the Listing,’ explained that from the $3 billion Eurobond, government plans to use $2.5 billion to finance the capital expenditure component of the 2017 budget.

The DMO chief assured investors that her agency will not lead Nigeria into any phase of reckless borrowing.

She noted that the debt office was guided by two acts; the Fiscal Responsibility Act and the Debt Management Office Act to ensure it delivers on its mandate.

According to her, the $3 billion Eurobond, with a 30 year tenure and coupon at 7.65 percent, was the largest ever raised from Sub-Saharan Africa.

Ms Oniha told stakeholders at interactive session that the fact that the $3 billion Eurobond was oversubscribed indicated the confidence investors still had in the Nigerian economy.

On the $300 million Diaspora Bond, the DMO boss said it was different because it provided various instruments that suit the needs of diaspora investors.

She explained that with the Diaspora Bond, Nigeria now has securities that have been registered with the United States Securities and Exchange Commission.

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