By Hamisu Muhammad ￼￼￼
The Federal Government has announced the commencement of a global offering of up to US$300m (about N91.5bn) of its first Diaspora Bond.
According to a statement from the Debt Management Office, Nigeria has filed a registration statement for the bonds with the United States Securities and Exchange Commission.
According to DMO, the application will be made for the bonds to be admitted to the official list of the UK Listing Authority and to the London Stock Exchange plc (the “London Stock Exchange”) for the bonds to be admitted to trading on the London Stock Exchange’s regulated market.
The bonds will be direct, general obligations of Nigeria denominated in U.S. Dollars.
The international Joint Lead Managers are Bank of America Merrill Lynch and The Standard Bank of South Africa Limited while the Nigerian Joint Lead Managers are First Bank of Nigeria Limited and United Bank for Africa Plc.
There will be series of investor meetings in the United Kingdom, United States and Switzerland commencing on June 13, 2017. Pricing is expected to occur following the investor meetings, subject to market conditions