November 20, 2017 / 3:05 PM / a year ago

Nigeria launches US$3bn dual-tranche bond

LONDON, Nov 20 (IFR) - Nigeria has set final terms for a US$3bn dollar dual-tranche bond offering, according to a lead.

The sovereign has launched US$1.5bn November 2027s at a yield of 6.50%. The 10-year notes were initially marketed at 6.75% area.

Nigeria has also launched US$1.5bn November 2047s at a yield of 7.625%. The bonds were originally marketed at 7.875% area. The bond is the first 30-year tranche by a sub-Saharan African sovereign, excluding South Africa.

The combined order books are over US$11.4bn.

Allocations and pricing are to follow via Citigroup and Standard Chartered. Nigeria is rated B2/B/B+. (Reporting by Robert Hogg; editing by Alex Chambers)

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