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The Debt Management Office (DMO) has a short list of banks to manage its planned $1 billion Eurobond sale, Reuters quoted an official of the debt office to have said.
The Eurobond is part of Nigeria’s plans to borrow a total of N1.8 trillion ($5.8 billion) from abroad and at home to fund an expected budget deficit of N2.2 trillion this year.
However, the source pointed out that the federal government was yet to make a final decision on the matter.
Nigeria, Africa’s largest economy, wants to sell $1 billion in Eurobonds by the end of the year, although no bank has been appointed yet to arrange the issue.
The official, who did not wish to be identified, said the list had been sent to the Bureau of Public Procurement (BPP), after which the finance minister will offer the names to the cabinet for approval. He did not disclose how long the process might take.
“The names have been picked but it has to go through government process,” he told Reuters. The issue will happen this year.
Nigeria has $500 million of commitments for the planned Eurobond and any decision to increase the size of the offer will depend on pricing, Finance Minister Kemi Adeosun has said.
The Eurobond is part of Nigeria’s plans to borrow a total of N1.8 trillion ($5.8 billion) from abroad and at home to fund an expected budget deficit of N2.2 trillion this year.
However, the source pointed out that the federal government was yet to make a final decision on the matter.
Nigeria, Africa’s largest economy, wants to sell $1 billion in Eurobonds by the end of the year, although no bank has been appointed yet to arrange the issue.
The official, who did not wish to be identified, said the list had been sent to the Bureau of Public Procurement (BPP), after which the finance minister will offer the names to the cabinet for approval. He did not disclose how long the process might take.
“The names have been picked but it has to go through government process,” he told Reuters. The issue will happen this year.
Nigeria has $500 million of commitments for the planned Eurobond and any decision to increase the size of the offer will depend on pricing, Finance Minister Kemi Adeosun has said.
