TOWARDS financing the 2021 budget deficit, 8 transaction institutions have been appointed by the Federal government to advise country on Eurobond Issuance.
The transaction advisers’ appointment was approved by the Federal Executive Council (FEC) in Abuja on Wednesday August 4, 2021, after a rigorous evaluation process to determine the technical capacity of the institutions that responded to the bid.
Out of the 38 institutions that responded to the Open Competitive Bidding Process as outlined in the Public Procurement Act, only eight institutions were selected with the approval of the transaction advisers by FEC.
The selected institutions are: JP Morgan, Citigroup Global Markets Ltd, Standard Chartered Bank, and Goldman Sachs as International bookrunners/joint lead managers; Chapel Hill Denham Advisory Services ltd as Nigerian Book runner; FSDH Merchant Bank ltd as Financial Adviser; White & Case LLP as International Legal Adviser; Banwo & Ighodalo as Nigerian Legal Adviser.
Debt Management Office (DMO) will now accelerate activities towards the Issuance of the Eurobond.
The Eurobonds to be issued are for the purpose of raising funds for the New External Borrowing of N2.343 trillion (about USD6.2 billion) provided in the 2021 Appropriation Act to partly finance the 2021 budget Deficit.