Nigeria on roadshow to promote $1bn Eurobond

Debt Management Office (DMO) has launched a one-week roadshow to Britain and the United States to promote a planned $1 billion Eurobond issue to investors, a government official told Reuters on Tuesday.

“The DMO is currently on a roadshow to the UK and U.S.,” the official said, asking not to be named. “It’s (a) pre-marketing engagement with prospective investors.”

Finance Minister Kemi Adeosun is scheduled to take part in the roadshow, the official said. Adeosun’s office said the minister travelled on Tuesday to attend a World Bank meeting in Washington.

The country is yet to appoint advisers and bookrunners for the bond offer after bids for the roles closed on Sept. 19. The official said the appointments are still in process.

The DMO has said it expects to raise $1 billion from the Eurobond market by mid-December, part of Nigeria’s plans to borrow a total of 1.8 trillion naira ($5.8 billion) from abroad and at home to fund an expected budget deficit of 2.2 trillion naira this year.

Africa’s top economy has slid into recession for the first time in more than 20 years, brought on by low oil prices that have slashed government revenues and weakened the currency.

Last week, the president of the African Development Bank (AfDB) said its board will this month consider approving a first, $1 billion, loan to Nigeria to help cover this year’s budget deficit.