(Bloomberg) --

Nigeria raised $4 billion in a Eurobond sale that attracted offers of four times the amount the government initially planned to raise.

The debt issue was the first by Nigeria in three years and forms part of the government’s plan to raise $6.1 billion offshore in 2021. Africa’s largest crude producer avoided external borrowing since 2018 after oil price plunged, cutting revenue and increasing the proportion of income it has to set aside to repay interest on its debts to above 70%.

READ: Nigeria Plans First Eurobond in Three Years With $3 Billion Sale

The government had initially planned to offer $3 billion of the debt, but increased size of the offering after receiving bids from investors in Europe, America, Asia and Nigeria, the Debt Management Office said in a statement.

“The order book peaked at $12.2 billion,” it said. “The size of the order book and the quality of investors demonstrates confidence in Nigeria.

The Eurobond was issued in three tranches:

• 7 years - $1.25 billion at 6.125% p.a.
• 12 years - $1.5 billion at 7.375% p.a.
• 30 years - $1.25 billion at 8.25% p.a.

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