The Debt Management Office (DMO) has announced the commencement of a global offering of Nigeria’s first Diaspora Bond.

DMO made this known in a statement, the News Agency of Nigeria, said on its website. It said the nation has filed a registration statement for the bonds with the U. S. Securities and Exchange Commission.

It said the application would be made for the bonds to be admitted to the official list of the UK Listing Authority and the London Stock Exchange Plc.

The office said this was to ensure that the bonds were admitted to trading on the London Stock Exchange’s regulated market.

“The bonds will be direct general obligations of Nigeria and will be denominated in U.S. dollars.

“The international Joint Lead Managers are Bank of America Merrill Lynch and The Standard Bank of South Africa Ltd.

“The Nigerian Joint Lead Managers are First Bank of Nigeria Limited. and United Bank for Africa Plc,” it said.

It said there would be a series of investor meetings in the UK, the U. S. and Switzerland from June 13.

The office said that pricing was expected to occur following the investor meetings and subject to market conditions.

It said that Diaspora bond was used to raise funds from Nigerians in the Diaspora to finance capital projects and provide an opportunity for them to participate in the development of the country.

Source: The Nation