DMO opens purchase of $3bn Eurobond to local investors
THE Debt Management Office (DMO) has said domestic investors would be allowed to purchase the $3 billion Eurobond to be issued next month by the Nigerian government.
DMO said in a statement that the agency is targeting local investors in the exercise as against previous Eurobond sales where only foreign investors participates.
The agency said it would hold meetings with interested moneybags to inform them of the benefits of subscribing to the notes.
While announcing the parties to the proposed transaction, the debt office said Chapel Hill Denham Advisory Services Limited was chosen amount the eight firms to handle the sale of the papers to domestic investors, while JP Morgan and Citigroup Global Markets Limited would handle the offshore investors.
The DMO said though it intends to raise $3 billion from the exercise, it may also sell up to $6.2 billion, which was approved by the nation’s parliament.
It will be recalled that the last time the country approached the global debt capital market was in 2018. It wanted to explore the space last year but the COVID-19 pandemic frustrated such plans, which forced the agency to convert the Eurobond sale to domestic.
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