Economy
FG sends request for proposal to banks for eurobond – sources
Federal government of Nigeria has sent a request for proposal to banks for an international bond offering, according to sources. Nigeria raised $2.5 billion through a dual-tranche offering in February. It sold $1.25 billion 12-year notes and a $1.25 billion 20-year tranche.
The February 2030s are bid at 99.349 to yield 7.224 per cent according to Tradeweb, and the February 2038s are trading at 99.917 to yield 7.70 per cent. The February trade was Nigeria’s second in less than three months, after it raised US$3bn through an offering of 2027s and 2047s in November. Nigeria is rated B2/B/B+.
Federal government quest for foreign loan is growing despite the recent rise in Brent crude oil price that is far above the budget bench mark. Crude oil price, Nigeria main source of revenue hit about $80 a barrel. Data released by National Bureau of Statistics said that Nigeria oil production has peaked at 2 million barrel a day in the first quarter of 2018.
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