Nigeria Braves Emerging-Debt Plunge With $1 Billion in Bonds


Nigeria returned to the international bond market for the first time in two years with a $1 billion sale of Eurobonds, raising funds for power projects amid a selloff in emerging-market debt.
Africa’s biggest oil producer issued $500 million of five-year notes to yield 5.375 percent and $500 million of 10-year securities at 6.625 percent yesterday, according to data compiled by Bloomberg. In January 2011, the nation paid 6.75 percent on dollar debt due 2021 in its first overseas offering and the yield on the securities surged a record 133 basis points in June to 6.02 percent. Yields on emerging-market bonds jumped 73 basis points to 5.80 percent, JPMorgan Chase & Co. data show.

Read more at Bloomberg

Okonjo- Nigeria's Finance Minister
Okonjo- Nigeria’s Finance Minister

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