Tuesday, 09 August 2016 13:54

DMO Set TO Appoint Financial, Legal And Technical Advisers For Eurobond

Nigeria Eurobonds Nigeria Eurobonds

As part of the planned FG's Medium Term Note (FGMTN) Programme (2016-2018), the Debt Management Office (DMO) has commenced the process of appointing two international banks as joint lead managers and a local bank as financial adviser for the issuance of $1 billion out of the $4.50 billion FGMTN programme in 2016.

The floating of the Eurobond is expected to help the federal government fund part of the N6.1 trillion budget for the year as it plans to source N2.2 trillion to bridge the deficit.

The DMO is also seeking the services of international and Nigerian law firms which will act as joint legal advisers for the FGMTN. The legal advisers will be appointed separately by the Federal government.

This was contained in a notice of request for proposal on the website of the DMO, which said the purpose of the FGMTN programme was “to enable the federal government have the flexibility of quickly taking advantage of favourable market conditions in the International Capital Market (ICM) to raise funds, if and only when the need arises”.

According to the notice, the federal government also plans to engage the services of a technical adviser on communication who will be required to work with other transaction advisers to ensure the successful implementation of the FGMTN.

The DMO added that bids are to be turned in by 12 p.m on September 19, 2016 at its head office in Abuja, noting that the office reserves the right to reject any bid not received by the stipulated time and in the form prescribed by this Request For Proposal.

A shortlist of prospective bidders will be compiled on the basis of the evaluation of the technical bids and the interviews, before the financial bids would be opened, the debt management office further stated.