The
Debt Management Office (DMO) has also disclosed on its website that Nigeria had
filed a registration statement for the bonds with the U. S. Securities and
Exchange Commission. “The
bonds will be direct general obligations of Nigeria and will be denominated in
U.S. dollars,”
DMO said. “The
Nigerian Joint Lead Managers are United Bank for Africa Plc and First Bank of
Nigeria Limited. The international Joint Lead Managers are Bank of America
Merrill Lynch and The Standard Bank of South Africa Ltd.”
It
said that application would be made for the bonds to be admitted to the
official list of the UK Listing Authority and the London Stock Exchange Plc. The
office said this was to ensure that the bonds were admitted to trading on the
London Stock Exchange’s regulated market.
It
said there would be a series of investor meetings in the UK, the U. S. and
Switzerland from today (June 13). The office said that pricing was expected to
occur following the investor meetings and subject to market conditions.
It
said that Diaspora bond was used to raise funds from Nigerians in the Diaspora
to finance capital projects and provide an opportunity for them to participate
in the development of the country.
As
part of measures to fund capital expenditures, the Federal Government had in February
announced its offering of one billion dollars euro bond under its
newly-established one billion dollars Global Medium Term Note programme.
The
office said that the one billion dollars euro bond, which would mature on Feb.
16, 2032, was eight times oversubscribed in the international market at an
interest rate of 7.8 per cent with orders in excess of 7.8 billion dollars.
(Authority)
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