Nigeria issued a US$500m debut international bond on January 21st, which was 2.5 times oversubscribed, according to the finance minister. Investors from 18 countries spanning Europe, the US, Asia and Africa took up the offer of the 10-year bond carrying a 6.75% coupon. Mr Aganga said that the issue's success meant that Nigeria had met international standards in getting the deal to the market and has provided a benchmark for Nigerian corporate organisations to access well-priced long-term financing from the international capital market. The Nigerian bond was admitted on January 31st to trading at the London Stock Exchange (LSE) main market. Ibukun Adebayo, the LSE's head of business development Africa, described the offering as the start of the next phase in the development of Nigeria's corporate bond market, adding that cheaper and easier access to debt finance is crucial to the development of Nigerian companies. Analysts and investors believe that Nigeria's first Eurobond was well received despite concerns about government finances, partly because the 7% yield is attractive compared with what is on offer elsewhere. Besides, Nigeria's large oil reserves, low debt ratios, considerable foreign reserves and continuing strong economic growth makes it a relatively safe bet for investors.