DEAL: Nigeria’s $300 million diaspora bond first

Author: Brian Yap | Published: 6 Jul 2017

Nigeria has made a successful foray into the restricted US and UK retail bond markets with Africa’s first diaspora bond – but at huge regulatory compliance costs.

This is the first time that a bond has been approved both by the Securities & Exchange Commission (SEC) and the UK Listing Authority (UKLA) under the same document. The issuer is also only the second sub-Saharan African country to have gone through SEC registration. While being the first African sovereign to have issued SEC-approved notes, South Africa targeted institutional rather than retail investors.

"This necessitated the further updating of the disclosure once work did start again in order to take account of the relevant developments in the meantime," said a source.

But counsel involved in the deal point to several regulatory challenges mainly arising from the sovereign issuer’s plan to sell its debut diaspora bond to US and UK retail investors.  ...



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