Citigroup , Standard Chartered Bank and Stanbic IBTC Bank have been approved by the Federal Executive Council, FEC to manage the planned $1 billion Eurobond sale which will commence in January 2017 according to the Finance Minister Kemi Adeosun.
Briefing State House correspondents on Wednesday after the FEC meeting, Finance Minister Kemi Adeosun named the parties are as City Group, Standard Charted Bank, Standbic IBTC, Whiten Case, Band Wand Igodaloo and Africa Practices Communications.
The minister said having fully undertaken competitive open tender process, the government obtained the certificate of no objection from Bureau of Public Procurement for the appointment of the parties.
According to Adeosun, “The $1 billion Eurobond program is part of the funding for 2016 budget and we hope to be able to commence the process in January.”
She added: “We’re confident that we’ll be able to complete the transaction expediently with significant interest. The oil price stability obviously is helping us. Currently, there’s quite a bit of demand for emerging markets papers . Nigeria’s paper is currently trading around 7 to 8 percent mark. We’re expecting to get quite a competitive pricing on the issuance programme which is to be used for the purpose of funding capital projects in the 2016 budget within the month of January.
“The other thing to note is that these parties that have been appointed would run any Eurobond issuance programme that we do for the next three years so that we don’t have to keep on re- tendering unless there is a major problem with any of them they will be our parties for the next three years.”
