The federal government has commenced the process of appointing transaction advisers for a potential eurobond issuance in the international capital market.
In an expression of interest (EOI) published on Monday, the
Debt Management Office (DMO) said the transaction advisers would support the
federal government on a “potential issuance of Eurobonds in the International
Capital Market” and would be selected through an open competitive bidding
process.
DMO invited qualified local and international banks and law
firms to bid for advisory roles on the proposed transaction.
The agency said the appointments would be made through an
open competitive bidding process and are intended to support the federal
government’s prospective issuance of eurobonds.
“The plan is to appoint transaction advisers in each
category for a potential issuance of Eurobonds,” the DMO said.
According to the notice, the DMO is seeking to appoint
international and Nigerian bookrunners, as well as international and Nigerian
legal advisers, to provide advisory services on the transaction.
“This would include advising on Marketing and Distribution
Strategies, Pricing and Investor Meetings, as well as working with other TAs to
prepare the Offer Documents,” DMO said.
“Work in collaboration with the International Bookrunners in
all aspects of the Issuance and provide guidance on marketing and related
issues to potential investors in Nigeria.
“Work in Collaboration with the International Legal Adviser
in all areas of the Transaction, especially in respect of providing guidance on
Nigerian Laws and legal advice to the DMO.”
‘INTERESTED FIRM MUST MEET STATUTORY, TECHNICAL
REQUIREMENTS’
DMO said interested firms must meet statutory and technical
requirements, including evidence of relevant experience, regulatory compliance,
audited financial statements and successful execution of similar transactions.
International banks are also required to provide a written
commitment to offer bridge financing to the federal government, if required,
pending the completion of the eurobond issuance.
The agency said expressions of interest must be submitted by
July 13, while successful applicants will subsequently receive requests for
proposals (RFPs).
DMO, however, said the procurement process does not amount
to a commitment by the federal government to issue eurobonds in 2026 or any
other time.
“Nothing in this shall be construed to be a commitment on the
part of the Federal Government of Nigeria to appoint transaction advisers for
issuance of Eurobonds in the international capital market in 2026 or at any
other time,” the agency added.
The debt office added that any eurobond issuance “would only
be implemented upon the receipt of all necessary approvals”.
“The proposed Eurobonds issuance or any related external
capital raising would only be implemented upon the receipt of all necessary
approvals,” DMO said.
Nigeria last accessed the international capital market in
November 2025, raising $2.2 billion through a dual-tranche eurobond issuance as
the government sought to finance the 2025 budget and support external reserves.
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