Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Economy & Forex  >  All News

News : Economy & Forex

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance ProfessionalsCalendarSectors 
All NewsEconomyCurrencies / ForexCryptocurrenciesEconomic EventsPress releases

Nigeria plans London roadshow ahead of $2.8 bln Eurobond sale -sources

share with twitter share with LinkedIn share with facebook
share via e-mail
0
11/08/2018 | 04:44pm CET
FILE PHOTO: Nigeria President Muhammadu Buhari

ABUJA/LAGOS (Reuters) - Nigerian officials will go on a roadshow to London next week ahead of a planned $2.8 billion Eurobond sale this month, two banking sources told Reuters on Thursday.

The roadshow, which is being organised by Citi and Standard Chartered, will run from Nov. 12 for three days and be attended by Nigerian Finance Minister Zainab Ahmed.

Nigeria's upper house of parliament last month approved the Eurobond issue but advised the government to limit foreign borrowing and boost revenue.

Last year Nigeria sold $3 billion in Eurobonds, part of which it used to fund its 2017 budget. It then followed with a $2.5 billion Eurobond sale in February to refinance local currency bonds at lower cost.

Lawmakers said the new bond issue will raise foreign borrowing to 32 percent of Nigeria's total debt, up from 30 percent at June 2018.

Nigeria, which emerged from recession last year, approved a three-year plan in 2016 to borrow more from abroad. It wants 40 percent of its loans to come from offshore sources to lower borrowing costs and help to fund record-high budgets.

President Muhammadu Buhari, who plans to seek a second term in next year's election, signed 2018's record 9.12 trillion naira ($29.8 billion) budget into law in June as part of efforts to foster economic growth.

Nigerian officials met fund managers in September on a non-deal roadshow in New York to update bondholders on the country's growth plans.

($1 = 305.6500 naira)

(Reporting by Chijioke Ohuocha and Alexis Akwagyiram; Editing by Mark Potter and David Goodman)

By Chijioke Ohuocha and Alexis Akwagyiram

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news "Economy & Forex"
01:16pNEWS HIGHLIGHTS : Top Company News of the Day
DJ
01:16pNEWS HIGHLIGHTS : Top Global Markets News of the Day
DJ
01:16pNEWS HIGHLIGHTS : Top Financial Services News of the Day
DJ
01:14pEUROPEAN UNION : Indicative programme - Economic and Financial Affairs/Budget Council of 16 and 19 November 2018
PU
01:10pMay vows to stick to Brexit deal as opponents seek formal challenge
RE
01:04pUNITAR UNITED NATIONS INSTITUTE FOR TRAINING AND : CIFAL Atlanta hosts Seminar on Air Service Development
PU
01:04pGOVERNMENT OF REPUBLIC OF MAURITIUS : Mauritius-India keen to conclude CECPA negotiations during 7th round of talks
PU
12:48pLONDON STOCK EXCHANGE : LSE moves euro government bond trading from London to Italy ahead of Brexit
RE
12:45pEurogroup worried over Italy budget as it awaits Commission move
RE
12:45pSalvini says EU should show Italy respect, no case for budget sanctions
RE
Latest news "Economy & Forex"
Advertisement