Nigeria to start international roadshow for diaspora bonds sale next week - DMO

Jun 09, 2017 | Agence Ecofin

Nigeria will commence an international road show for the sale of a diaspora bond worth between $100million and $300 million.

Nigeria will from June 13 commence an international road show for the sale of a diaspora bond worth between $100million and $300 million, according to the Debt Management Office (DMO). The country has also named Bank of America Merill Lynch and the Standard Bank of South Africa as her joint lead managers. The debt office in a statement said the roadshow will commence with meetings planned in Britain and the United States. "Nigeria has filed a registration statement for the Bonds with the United States Securities and Exchange Commission," the statement reads. It added that the Bonds would be listed in London but gave no price expectations. The West African country initially unveiled plans to sell diaspora bonds to Nigerians living abroad in 2013, but the previous administration failed to appoint a bookrunner before the opposition assumed office. Africa's second largest economy, is facing its first recession in 25years and has set a budget of $23.66 billion this year. The country expects a budget deficit of $7billion with more than half of the deficit to be cleared through external borrowing. Nigeria in February and March, succeeded in raising $1billion and $500 million from the sales of Eurobond and plans to borrow more to cover the shortfalls in this year's budget. Source: Agence Ecofin