NIGERIA hired investment banks including Citigroup, JPMorgan Chase & Co and Goldman Sachs Group to advise it on the West African nation’s first eurobond issue since 2022, according to people familiar with the deal.
The size of the eurobond offer, which is expected before June, has yet to be determined, said the people who asked not to be identified because they’re not authorised to comment publicly on the matter. Africa’s largest oil producer may raise as much as $1 billion in external borrowing this year to meet its spending needs, they said.
African debt sales are springing back to life as governments raise money after years of being priced out of international debt markets because of rising global interest rates. Benin, Ivory Coast and Kenya have successfully sold eurobonds this year.- Bloomberg