DMO to issue $100-$300 million diaspora bond by year-end

The Debt Management Office (DMO) plans to issue a bond totalling $100-$300 million aimed at the country’s diaspora by the end 2014.

Abraham Nwankwo, the Director General of the debt office who disclosed this on Monday, said the DMO was “still working on it”.

“It will be a minimum $100 million and up to $300 million,” Nwankwo explained on the sidelines of an Africa debt forum.

Nigeria chose Stanbic IBTC and Goldman Sachs as lead managers of the diaspora bond in April.

Nwankwo said the bond would be sold only to offshore diaspora investors, with no on-shore portion.

Nigeria has no current plans for a regular sovereign dollar bond, Nwankwo added.