Nigeria has begun selling benchmark dollar-denominated bonds, offering 10- and 20-year maturities as it seeks to take advantage of declining borrowing costs, Bloomberg reported. The government aims to raise around 2.25 billion US dollars, slightly below earlier plans to tap up to 2.3 billion US dollars, alongside a proposal to refinance 1.1 billion US dollars of maturing debt later this month.

Initial price guidance for the 10-year tranche was 9.125%, while the 20-year segment was set at 9.625%, lower than the 10.375% interest Nigeria paid on a 10-year Eurobond issued in December.

Elsewhere in Africa, the Republic of Congo issued its first international bond in nearly 20 years, raising 670 million US dollars through a seven-year note at a 13.7% yield. Kenya and Angola have also tapped foreign-currency debt this year, supported by resilient global growth and expectations of further US interest-rate cuts. African sovereign spreads over US Treasuries have fallen nearly 50% since April, according to JPMorgan indexes.

Wednesday’s Nigerian sale was briefly delayed after US President Donald Trump threatened military action over Islamist attacks and proposed cutting aid. Nigerian Foreign Minister Yusuf Tuggar said the government is engaging with the US to explain its constitutional protections and anti-terror measures.