Published on 6/19/2017 in the Prospect News Emerging Markets Daily.
New Issue: Nigeria prices $300 million 5 5/8% five-year diaspora bonds at par
By Colin Hanner
Chicago, June 19 – The Federal Republic of Nigeria sold $300 million 5 5/8% five-year diaspora bonds (B1/B/B+) at par on Monday, the company said in a FWP filing with the Securities and Exchange Commission.
Price talk for the notes was 5 5/8%, tightening from 5¾%.
BofA Merrill Lynch, Standard Bank of South Africa Ltd., First Bank of Nigeria Ltd. and United Bank for Africa plc are joint lead managers for the deal.
Proceeds will be used for budgeted capital expenditures.
| Issuer: | Federal Republic of Nigeria
|
| Amount: | $300 million
|
| Maturity: | June 27, 2022
|
| Description: | Diaspora bonds
|
| Joint lead managers: | BofA Merrill Lynch, Standard Bank of South Africa Ltd., First Bank of Nigeria Ltd. and United Bank for Africa plc
|
| Coupon: | 5 5/8%
|
| Price: | Par
|
| Yield: | 5 5/8%
|
| Spread: | 384.7 bps over U.S. Treasuries; 377.4 bps over mid-swaps
|
| Trade date: | June 19
|
| Settlement date: | June 27
|
| Ratings: | Moody’s: B1
|
| S&P: B
|
| Fitch: B+
|
| Distribution: | SEC registered
|
| Marketing: | Roadshow
|
| Price talk: | 5¾%, tightening to 5 5/8%
|
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