February 15, 2018 / 2:10 PM / 3 months ago

Nigeria tightens pricing on dual-tranche bond

LONDON, Feb 15 (IFR) - Nigeria has tightened pricing on a US dollar dual-tranche bond offering, according to a lead.

The sovereign announced guidance of Treasuries plus 437.5bp area on a 12-year bond and plus 475bp area on a 20-year tranche. The combined book is in excess of US$6.25bn.

Guidance compares with initial pricing levels of plus 450bp area and plus 487.5bp area, respectively.

The 144A/Reg S deal is today’s business via Citigroup (B&D) and Standard Chartered. Expected issue ratings are B2 by Moody’s, B by S&P and B+ by Fitch. (Editing by Ian Edmondson)

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