Deals

Federal Republic of Nigeria USD300 million Diaspora Bond Issue

Nigeria

Jun 01, 2017

Standard Bank’s role included structuring and preparation of transaction documentation, and assisting with determining the appropriate terms of the issue. Furthermore, Standard Bank aided the issuer to obtain a listing of the Notes on the London Stock Exchange, The Nigerian Stock Exchange and the FMDQ OTC PLC, and coordinated the marketing and roadshow process for the offering. Standard Bank acted as Joint Lead Arranger, Bookrunner and Financial Adviser for this transaction. The purpose of the bond was to finance budgeted capital expenditures.

This transaction marked a number of firsts: Nigeria’s first ever SEC-Registered debt instrument, Nigeria’s first ever Diaspora bond offering, the first sub-Saharan African (excluding South Africa) offering in SEC-registered format and the first ever sub-Saharan African Diaspora bond offering.

Final offer allocations were more skewed towards Private Banks and Wealth Management funds than in typical Eurobonds, confirming that Nigeria successfully engaged a broader investor base compared to the target audience for Eurobond offerings.

The Debt Management Office (DMO) is a Nigerian government agency, established on 4 October 2000 to centrally coordinate the management of Nigeria’s debt as well as to prudently raise finance to fund government deficits at affordable costs and with manageable risks in the medium- and long-term. Their mandate is to achieve a positive impact on overall macroeconomic management including monetary and fiscal policies. Another objective is to improve the nation’s borrowing capacity and its ability to manage debt efficiently in promoting economic growth and national development.

 

Standard Bank continues to grow its African footprint with its local on-the-ground capability delivered by strong local teams.

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