FG to issue $300m Diaspora bond

The Federal Government is planning to issue a bond of $100m-$300m aimed at the country's Diaspora by the end of the year, the Director-General, Debt Management Office, Dr. Abraham Nwankwo, has said.

'We are still working on it, it will be a minimum $100m and up to $300m,' Nwankwo told Reuters on the sidelines of an Africa debt forum on Monday, adding the bond would come 'before the year ends'.

The Federal Government had chosen 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, he added.

The DMO had last week said the Federal Government would raise between N260bn and N350bn ($1.60bn-2.15bn) in the third quarter by selling bonds with maturities ranging from three years to 20 years.