Nigeria, May 6 -- Telco giant MTN Nigeria (MTNN) Communications Plc says it has completed the issuance of a N110 billion fixed rate bond due in 2028 under a N200 billion bond programme.

It will help refinance existing debt as well as back the deployment of critical network infrastructure, and has a coupon of 13 per cent.

"The total value of orders received during the book build was N135,151,000,000, representing a 1.32 times oversubscription of the intended N100,000,000,000 issuance," said the wireless and mobile money operator in a note to the Nigerian Exchange Limited on Thursday.

Yields in Africa's biggest economy are at record lows following two rate cuts by the Central Bank of Nigeria last year, aimed at scaling down costs of borr...