May 21, 2018 / 9:49 AM / 7 months ago

Nigeria sends request for proposal to banks for eurobond - sources

LONDON, May 21 (IFR) - Nigeria has sent a request for proposal to banks for an international bond offering, according to sources.

Nigeria raised US$2.5bn through a dual-tranche offering in February. It sold US$1.25bn 12-year notes and a US$1.25bn 20-year tranche.

The February 2030s are bid at 99.349 to yield 7.224% according to Tradeweb, and the February 2038s are trading at 99.917 to yield 7.70%.

The February trade was Nigeria’s second in less than three months, after it raised US$3bn through an offering of 2027s and 2047s in November.

Nigeria is rated B2/B/B+. (Reporting by Robert Hogg; Editing by Sudip Roy)

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