February 15, 2018 / 4:29 PM / in 3 days

Nigeria launches US$2.5bn dual-tranche bond

LONDON, Feb 15 (IFR) - Nigeria has launched a US$2.5bn dual-tranche bond, according to a lead.

The sovereign is bringing a US$1.25bn 12-year bond at 425bp over Treasuries and a US$1.25bn 20-year tranche at plus 455bp.

Demand for the offering is in excess of US$11bn.

The final spreads compare with guidance of plus 437.5bp area and plus 475bp respectively.

Initial pricing levels were 450bp area and 487.5bp area.

The 144A/Reg S deal is today’s business via Citigroup (B&D) and Standard Chartered. Expected issue ratings are B2 by Moody‘s, B by S&P and B+ by Fitch. (Reporting by Sudip, Roy, Editing by Helene Durand)

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