Fidelity bank banner NewsExpress advert
FG eyes $2.5bn Eurobond sale to refinance local debt

By Chijioke Ohuocha on 26/01/2018

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 596

•DMO DG Patience Oniha
•DMO DG Patience Oniha

Nigeria will consider raising $2.5 billion through Eurobonds in the first quarter to refinance a portion of its domestic treasury bill portfolio at lower cost, the head of the Debt Management Office told Reuters on Thursday.

Patience Oniha said the country will also try to get back into the JP Morgan Government Bond Index (GBI-EM), with improving liquidity in the local currency market.

She said a Eurobond placement will depend on market conditions, pricing and tenor.

“We are looking the issue probably first quarter depending on what the advisers say and subject to the market conditions,” the DMO director general told Reuters by phone.

Nigeria could also look at a possible syndicated loan as an alternative, Oniha said, adding that the issue is part of a $5.5 billion fund raising program approved by parliament last year.

Nigeria has said it plans to refinance $3 billion worth of a local treasury bill portfolio of 2.7 trillion naira ($8.9 bln).

In November, Nigeria sold $3 billion in Eurobonds, part of which it used to fund its 2017 budget, and then paid off 198 billion naira in treasury bills.

Oniha said local debt yields have started to fall after it paid off the bills in December, though debt was still attractive especially to foreign funds looking at emerging market bonds.

“The reason JP Morgan took us out of the index was liquidity in the FX market. Now there’s an investor window where activities have picked up, that’s a good reason to try to get back in,” Oniha said.

Nigeria plans to raise $2.8 billion in new offshore loans as part of its 2018 budget. Oniha said she could tap capital markets or concessionary loans from the World Bank. But the budget has to be approved by lawmakers before funding options can be considered. (Reuters)

Source News Express

Posted 26/01/2018 1:54:25 PM

 

Share on facebook Yahoo mail icon Gmail icon Share on Google+


 

CLASSIFIED ADS

REVEALED: 3 natural ways to get stronger erections, last 25minutes on bed, and increase manhood size without using drugs. Also, Natural Prostrate Enlargement Remedy.. Get In HERE...

 

You may also like...
I have a dream for Nigeria, By Adeyemo...

Boko Haram commander who led abduction of Chibok...

Troops intercept Boko Haram terrorists, cut short mission...

At last, here’s the MEGA PARTY to fight...

Training on 21st century evangelism underway

Ambode running anti-people government — Save Lagos Group...

BREAKING NEWS: Appeal Court declares Alex Otti Abia...

Nigeria, Saudi Arabia commit to oil market rebound...

US Court blocks Trump decision to end protection...

NPA releases list of Government Agencies approved to...

I’ll be pleasantly surprised if abducted Chibok girls...

Varsity strike: Again, ASUU, lawmakers’ meeting ends inconclusively...

 

Latest News If President Buhari were a patriot…, By Benjamin Obiajulu Aduba Senate versus IGP: Stop this unnecessary show of shame, By Bernard Balogun Catholic priest infected with Ebola Biafra Day: Intimidation won’t stop us — Zionists Human rights lawyer seeks prosecution of killers of Benue Priests •Makes case for Leah Sharibu Lagos moves to resolve online shopping complaints Herdsmen kill 9 in Taraba, Benue $16bn Power Project: Make your findings public, anti-graft network tells Buhari ‘7 wells drilled in Bida Basin show signs of oil’ Army seeks partnership with EFCC to battle economic criminals MOSOP condemns Shell’s resurgence in Ogoniland Passage of CAMA by Senate a lifeline to small businesses: LCCI boss

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (345,740 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (342,594 views) Shameless Genevieve Nnaji exposes breasts in public (273,851 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (225,162 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (205,469 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (203,202 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (177,295 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (159,562 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (150,475 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (143,823 views) Lagos plane crash: Journalist releases victims’ names (140,261 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (132,665 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (42) Business & Economy (3,160) Business Verdict (43) Columnists (857) Complaints & Requests (94) Enterprise & Opportunities (207) Entertainment (498) Features (598) Global Business Monitor (274) International (1,972) Interview (149) Live Commentary (28) Love Matters (120) News (35,594) Opinion (973) Pidgin (10) Politics (5,063) Religion (745) Sports (1,517) Stock Watch (29) AMA & Al Jazeera Global Update

 

CBN banner

Firstmobile banner

 

 

NEWS EXPRESS TV

Boko Haram commanders surrender

 

APO Group Partner

 

 

CLASSIFIED ADS

REVEALED: 3 natural ways to get stronger erections, last 25minutes on bed, and increase manhood size without using drugs. Also, Natural Prostrate Enlargement Remedy.. Get In HERE...

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement