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Eurobond: DMO Searches For Legal, Technical Advisers

DMO

The process of appointing two international banks as joint lead managers and a local bank as financial adviser for the planned Federal Government Medium Term Note (FGMTN) Programme (2016-2018) as well as the issuance of $1 billion out of the $4.50 billion FGMTN programme in 2016 has commenced.

The agency handling this on behalf of Federal Government is the Debt Management Office (DMO).

The Nigerian government is also seeking to retain the services of an international and Nigerian law firms which will act as joint legal advisers for the FGMTN. The legal advisers will be appointed separately by the DMO.

Also, the FG hopes to engage the services of a technical adviser on communication who will be required to work with other transaction advisers to ensure the successful implementation of the FGMTN.

According to a notice of request for proposal on the positions advertised on DMO’s website, the purpose of the FGMTN programme was to enable the government have the flexibility of quickly taking advantage of favourable market conditions in the International Capital Market (ICM) to raise funds, if and only when the need arises.

Bids are to be turned in by 12pm on September 19, 2016 at the DMO’s head office in Abuja.

The agency stressed that it reserves the right to reject any bid not received by the stipulated time and in the form prescribed by this Request For Proposal and added that financial bids would be opened after a shortlist of prospective bidders had been compiled on the basis of the evaluation of the technical bids and the interviews.

The floating of the Eurobond is expected to help the federal government fund part of the N6.1 trillion budget for the year as it plans to source N2.2 trillion to bridge the deficit.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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