The Debt Management Office (DMO) on Wednesday announced the commencement of a global offering of Nigeria’s first Diaspora Bond.
The Federal Government hopes to raise about $300 million from the exercise, which had been in the pipeline for months now.
The sale of the diaspora bonds was earlier thought to begin in March this year, but it was shifted.
In a statement released yesterday by the DMO on its website, the country’s debt office noted that “Nigeria has filed a registration statement for the bonds with the United States Securities and Exchange Commission.”
It explained that application also will be made for the bonds to be admitted to the official list of the UK Listing Authority and to the London Stock Exchange for the bonds to be admitted to trading on the London Stock Exchange’s regulated market.
DMO pointed out that, “The bonds will be direct, general obligations of Nigeria, denominated in US Dollars.”
“The international Joint Lead Managers are Bank of America Merrill Lynch and The Standard Bank of South Africa Limited and the Nigerian Joint Lead Managers are First Bank of Nigeria Limited and United Bank for Africa Plc,” it added.
The statement further stated that, “There will be a series of investor meetings in the United Kingdom, the United States and Switzerland commencing on June 13, 2017.”
“Pricing is expected to occur following the investor meetings, subject to market conditions,” the DMO emphasised.
