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DMO launches investor roadshow to promote $1 billion Eurobond
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- The DMO is finalizing the appointment of joint lead managers and financial advisers for the Eurobond offering.
The Debt Management Office has launched an investor roadshow to generate investor interest in Nigeria’s planned $1 billion Eurobond offering.
The one-week roadshow is being held in the United Kingdom and the United States, with Kemi Adeosun, Nigeria’s Minister of Finance, scheduled to participate in the events, according to a report by Reuters on Tuesday.
"The DMO is currently on a roadshow to the UK and U.S.," a government official told Reuters. "It's (a) pre-marketing engagement with prospective investors."
The DMO is still finalizing the appointment of joint lead managers and financial advisers for the Eurobond offering even though bids for the roles closed on September 19th, the official said.
Under the N6.06 trillion budget for 2016, the federal government plans to raise N900 billion from external sources and N984 billion from local sources to fund the N2.2 trillion budget deficit.
In August, the government approved a three-year rolling external borrowing plan targeted at raising low-cost financing from institutions such as the World Bank, African Development Bank, China Exim Bank, and the Japanese International Cooperation Agency. The President of the African Development Bank, Akinwumi Adesina, said last week that the bank is looking to award $1 billion to the Nigerian government to address the deficit in the 2016 budget.
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