In preparation for Nigeria’s diaspora bond sale, Bank of America Merrill Lynch and Standard Bank have been appointed as advisers to lead the bond sale roadshow.
A statement by Nigeria’s debt management office, the roadshow will start on the 13th of June to target countries such as Britain, Switzerland and the United States.
According to the DMO, “Nigeria has filed a registration statement for the Bonds with the United States Securities and Exchange Commission”. The DMO said the bonds will be listed for secondary trading after the initial public offer.
The diaspora bond is part of the larger borrowing plan to shore up value for Nigeria’s budget deficit. In February, Nigeria sold USD1 billion Eurobond which was oversubscribed as a result of the attractive interest rate.
It is expected that the rate for the diaspora bond will also be tempting and attractive to the Nigerians who wants to invest in Nigeria through government spending plans that are more secure than other equity investment in the local exchange.
