The Debt Management Office (DMO) yesterday said it will appoint two international banks as joint lead managers, and a local lender as financial adviser for the federal government’s proposed issuance of $1 billion Eurobonds this year.
The Eurobond sales this year is the first tranche of a $4.5 billion Nigeria Global Medium-Term Notes Issuance Programme that runs through 2018. It is also the first since Nigeria tapped the market in July 2013, and an inaugural issue in 2011.
According to the DMO, the sale will “enable Nigeria to have the flexibility of quickly taking advantage of favourable market conditions in the international capital market to raise funds if and only when the need arises.”
Bond advisers provide unbiased research reports on the broadest range of bonds and fixed income securities. They critically assess each security and provide an investment recommendation for their clients to choose the best investments.
The DMO said it had called for bids from prospective managers and local lenders for participation in the project and that the bids would be opened in Abuja, on September 19.
It also stated that the joint legal advisers in the project are expected to render services including: provide legal advice to the DMO in all areas as may be required, including all relevant documentation required for the establishment of Federal Government Medium Term Note (FGMTN); review all relevant Nigerian laws and regulations and the laws and regulations of other jurisdictions, to ensure full compliance with such laws and regulations in the packaging, execution and documentation of the FGMTN.