Finally, Nigeria's Diaspora Bond Debuts On London Stock Exchange
If you live in London or anywhere in Europe, this may be your chance to invest in your country -Nigeria by buying into its first ever diaspora bond.
The bond has started trading on the London Stock Exchange, LSE three weeks after its issue.
The five-year bond with a coupon of 5.625% is targeted at retail investors, according to a statement from the LSE.
The Head of Middle East, Africa and South Asia, International Markets Unit, LSE, Ibukun Adebayo, was quoted as saying that, “We are delighted to welcome Nigeria’s third capital raising this year on the London Stock Exchange.
“The innovative structure of the bond allows, for the first time, retail investors to participate in the financing of infrastructure projects as part of the development of Nigeria’s economy.
“The successful listing reinforces London Stock Exchange’s position as a strong partner for Nigeria and as a leading global venue for raising debt finance.”
The issuance of the bond follows the country’s success in raising $1.5 billion from a 15-year Eurobond earlier this year.
Interest from retail investors around the world on the bond was high indicating confidence in Nigeria’s economy.
It was 130% subscribed and raised a total of $300 million. Proceeds will be used to fund infrastructure projects in the country.