The federal government of Nigeria has been looking for a way to raise money it needs to fund the 2018 budget. Part of its plan is to borrow more funds from overseas to plug the budget deficit through Eurobonds.

On Wednesday, it followed through with the plan by raising $2.86 billion in Eurobonds across three maturities.

The government said the debt was three times oversubscribed.

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It priced the bonds with maturities of seven, 12 and 30 years at 7.625%, 8.75% and 9.25%, respectively.

Prior to issuing the Eurobond sale on Wednesday, Nigerian officials met investors at a roadshow organised by Citi and Standard Chartered in London this week.

The meeting led by Nigerian Finance Minister Zainab Ahmed, was attended by Budget Minister Udoma Udo Udoma, Central Bank Governor Godwin Emefiele and head of the Debt Management Office, DMO Patience Oniha.

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The government said demand for the dollar-denominated bond stood at $9.5 billion from global institutional investors. The bond would help Nigeria fund its budget deficit for 2018 and other financing needs, it said.

“Despite significant oil and wider macro market volatility, Nigeria has successfully raised its external debt requirements for the 2018 budget at a cost considerably lower than many of its peers across Sub-Sahara Africa,” the government said in a statement.

Nigeria sold $1.18 billion in seven-year tenor, $1 billion with 12-year maturity and $750 million for 30-years. The offer would close on November 21.

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