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Nigeria Plans First Tranche of $6.2 billion Eurobond in September

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Nigeria will return to international capital markets next month to offer a portion of its planned $6.2 billion Eurobond sale, Finance Minister Zainab Ahmed said.

“We have very positive indications in that regard,” Ahmed said Thursday at a conference in the capital, Abuja. She didn’t provide further details.

The amount to be issued will depend on market conditions, Debt Management Office (DMO) Director-General Patience Oniha said Aug. 5.

“We expect to issue in September, but that will depend on the advice of book runners and financial advisers,” Oniha said.

Nigeria this month appointed JPMorgan Chase & Co., Citigroup Global MarketsStandard Chartered Bank and Goldman Sachs as international bookrunners and joint lead managers for the planned Eurobond offering.

Proceeds from the sale will be used to finance projects in the 2021 budget and support Nigeria’s foreign-exchange reserves, the DMO said Aug. 5.

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