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FG to issue 'Diaspora Bond' for infrastructure funding
The bond will be denominated in U.S Dollars, while market price determined by the interested diaspora investors and market conditions.
President Muhammadu Buhari during a meeting with Nigerian professionals in US
This information was disclosed on Thursday, June 8, 2017, in a statement signed by the Debts Management Office (DMO) of the Federation.
The DMO disclosed earlier in the year that the FG is considering tapping funding opportunities offered by the large population of Nigerians in the diaspora.
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TheFG noted that it had filed for registration of the bond with the United States Securities and Exchange Commission, while admittance of same is being pursued with 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 information further revealed the bond will be denominated in U.S Dollars.
Bank of America Merrill Lynch and The Standard Bank of South Africa Limited were appointed the International Joint Lead Managers of the bonds, with First Bank of Nigeria Limited (FBN) and United Bank for Africa Plc (UBA) as the Nigerian Joint Lead Managers.
The bond price is expected to be determined through, but subject to market conditions, various investors’ meetings which are to commence from June 13, 2017, in the United Kingdom, the United States and Switzerland.
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