Kemi Adeosun Nigeria has commitments to $1-bln eurobond, pricing key

Standard and Poor on Friday lowered Nigerian sovereign rating to B from B+, owing to marked contraction in oil production

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Nigeria's Finance Minister Kemi Adeosun speaks at a news conference in Lagos play Nigeria's Finance Minister Kemi Adeosun speaks at a news conference in Lagos, Nigeria, April 9, 2016. (REUTERS/Akintunde Akinleye)
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Nigeria has received commitments to its planned $1 billion Eurobond from international investors, which it aims to issue before the end of the year, but pricing will be key, Finance Minister Kemi Adeosun said on Monday.

The West African country is seeking advisers and bookrunners and is currently accepting proposals from international and local banks for the bond sale.

Standard and Poor on Friday lowered Nigerian sovereign rating to B from B+, owing to marked contraction in oil production, restrictive currency regime, delayed fiscal stimulus.

"We already have quite strong indications and indeed we had some commitments. Even though we weren't doing a deal we already have commitments to our bond offer, so we are very confident that it is just a question of pricing," Adeosun said.

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