New Issue: Nigeria prices $3 billion of 10- and 30-year eurobonds

By Rebecca Melvin

New York, Nov. 20 – The Federal Republic of Nigeria priced $3 billion of 10- and 30-year eurobonds (expected ratings: B/B+) on Monday at par to yield 6½% and 7 5/8%, respectively, according to a market source.

Final pricing on the Rule 144A and Regulation S bonds, which are evenly divided into $1.5 billion in each tranche, was considered cheap by one market source.

Citigroup and Standard Chartered plc were joint bookrunners of the deal.

Issuer:	The Federal Republic of Nigeria
Amount:	$3 billion
Description:	Notes
Bookrunners:	Citigroup and Standard Chartered plc
Trade date:	Nov. 20
Settlement date:	Nov. 28
Ratings:	S&P: B
	Fitch: B+
Distribution:	Rule 144A and Regulation S
10-year notes
Amount:	$1.5 billion
Maturity:	Nov. 28, 2027
Coupon:	6½%
Price:	Par
Yield:	6½%
Price talk:	6¾%
30-year notes
Amount:	$1.5 billion
Maturity:	Nov. 28, 2047
Coupon:	7 5/8%
Price:	Par
Yield:	7 5/8%
Price talk:	7 7/8%

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