The Debt Management Office, DMO of Nigeria is preparing to organize the issuance of USD1 billion of Eurobonds. The agency is already taking tenders from financial advisers for the programme.
According to the DMO, the sale of the Eurobond is the first tranche of a USD4.5 billion Nigeria Global Medium-Term Notes Issuance Programme that runs through 2018, the department said in a statement published in the U.K’s Financial Times newspaper on Monday.
The DMO will be appointing two international banks as joint lead managers and a local lender as financial adviser for the whole program, according to the statement. Bids are to be submitted by noon on Sept. 19 in the capital, Abuja.
The move will “enable Nigeria to have the flexibility of quickly taking advantage of favorable market conditions in the international capital market to raise funds if and only when the need arises,” according to the statement.
The Eurobond sales this year would be the first since Nigeria tapped the market in July 2013 and an inaugural issue in 2011.
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