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January 20, 2011

Nigeria has issued guidance for its $500 million debut Eurobond indicating a yield of around 7 percent, higher than that of West African peer Ghana, market sources said on Thursday.

The guidance for the 10-year paper said the timing and coupon had yet to be announced. The issue is expected on Friday.

Seven analysts contacted by Reuters put the expected yield for the bond in a range of 5.5 - 7.7 percent, compared with Ghana's Eurobond, due to mature in 2017, which is trading at around 6.2 percent.

January 7, 2011

Nigeria plans to go ahead with its delayed $500 million debut Eurobond in two to three weeks and it expects a bill to create a sovereign wealth fund to pass under the current administration, the finance minister said on Friday.

"Very soon, in the next two to three weeks, we will be the market with the $500 million Eurobond that was supposed to happen last year," Finance Minister Olusegun Aganga told a briefing with journalists.