FG engages JP Morgan, others on $6.2bn fresh borrowing

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president buhari
Muhammadu Buhari
FG engages JP Morgan, others on $6.2bn fresh borrowing
FG engages JP Morgan, others on $6.2bn fresh borrowing

Nigeria’s Federal Government has designated eight organizations as transaction advisers for the country’s issuance of Eurobonds on the international capital market (ICM).

This was announced by the Debt Management Office (DMO) in a news statement posted on its website on Wednesday.

The Federal Executive Council (FEC) authorized the institutions to advise on the Eurobond issuance at its meeting on Wednesday, according to the announcement.

“Activities by Nigeria toward the issuance of Eurobonds in the International Capital Market advanced today (Wednesday) with the appointment of Transaction Advisers by the Federal Government,” the DMO said.

Transaction advisers of various sorts are required to engage with an issuer, in this case, Nigeria, to assure the success of the transaction, which is typical of Eurobond issuance.”

International Bookrunner (JP Morgan, Citigroup Global Markets Limited), Joint Lead Managers (Standard Chartered Bank and Goldman Sachs), Nigerian Bookrunner (Chapel Hill Denham Advisory Services Ltd), Financial Adviser (FSDH Merchant Bank Ltd), International Legal Adviser (White & Case LLP), and Nigerian Legal Adviser (Standard Chartered Bank and Goldman Sachs) are among the institutions involved (Banwo & Ighodalo).

“The Transaction Advisers were selected after an open competitive bidding process provided in the Public Procurement Act of 2007 (as amended).”

A total of 38 institutions answered to the Expression of Interest, and the eight (8) institutions listed above were chosen after a rigorous review to determine the technical capacities of the responders to execute the Transaction.

“Now that the Transaction Advisers have been approved by the FEC, the Debt Management Office (DMO) will speed its efforts to issue Eurobonds.

“It will be recalled that the Senate and House of Representatives Resolutions had previously been secured in accordance with the Debt Management Office (Establishment, Etc.) Act, 2003 and the Fiscal Responsibility Act, 2003,”

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