Nigeria is planning a one-week roadshow to Britain, Germany and the United States from June 19 with the book-runners for its $1 billion Eurobond, with a view to issuing it this year, a timetable for the trip showed on Tuesday.
The timetable, forwarded to Reuters in an email by a banking source close to the deal, showed that the meetings will be led by Nigeria’s finance minister, Ngozi Okonjo-Iweala, and other senior government officials from the debt office.
In May it appointed Deutsche Bank and Citigroup to lead manage the bond.
Nigeria which is Africa’s second-biggest economy issued a debut $500 million 10-year Eurobond two years ago, which was 2-1/2 times oversubscribed, with investors spanning 18 countries from Europe, the United States, Asia and Africa.
Last month, the head of the debt office said Nigeria will increase the amount it borrows overseas to around 40 percent of all debt over the next three to five years, from 12 percent currently, to lower its funding costs. The debt office had said it wanted to raise the money before the end of September to help finance Nigeria’s power reforms.
It will begin the roadshow in London on Wednesday, June 19, going on to Germany on June 20, then New York and Boston, and ending in Los Angeles on June 26.