Nigeria to raise US$50m-$70m from tap of naira-denominated bonds

Thu Jul 31, 2014 11:45am EDT

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LONDON, July 31 (IFR) - The Federal Republic of Nigeria is to raise a combined US$50m-$70m-equivalent from a tap of 2017 and 2022 naira-denominated global depositary notes, according to a lead.

Guidance remains unchanged at 11.35% area for the 2017 bonds and 12.25% area for the 2022 bonds.

The sovereign, rated Ba3/BB-/BB-, opened books on the trade during New York hours on Wednesday. The bond is expected to price later today.

Citigroup is global coordinator and joint bookrunner along with Stanbic and Standard Chartered. (Reporting By Abhinav Ramnarayan; editing by Sudip Roy)