LAGOS, June 11 Nigeria's Diamond Bank
has asked France's BNP Paribas and
Afrexim Bank to lead an investor road show to Europe, the U.S.
and Asia for a Eurobond that could go up to $550 million, a
banking source with knowledge of the deal said on Tuesday.
The amount the bank raises will depend on market conditions,
the banker said, noting that the mid-tier lender was aiming for
yield of between 6-8 percent. Pricing for the bond was expected
next week, he said told Reuters.
Diamond Bank CFO Abdulrahman Yinusa told a Reuters Africa
Investment Summit in Nigeria's commercial hub of Lagos in April
that the bank would use funds from the debt issue to increase
lending to the oil and gas, power and infrastructure sectors in
Africa's second biggest economy.
Last month, rival lender Fidelity Bank issued a
$300 million 5-year Eurobond paying a 7 percent yield.
(Reporting by Chijioke Ohuocha; Editing by Tim Cocks)