White & Case Advises Nigerian Government on First GDN Issuance by an African Country | White & Case LLP International Law Firm, Global Law Practice
White & Case Advises Nigerian Government on First GDN Issuance by an African Country

White & Case Advises Nigerian Government on First GDN Issuance by an African Country

Global law firm White & Case LLP has advised the Federal Republic of Nigeria on the first ever issuance of local bonds in the form of Global Depository Notes by an African country.

The bonds were issued in two tranches of 15.10% FGN Bonds due April 2017 and 16.39% FGN Bonds due January 2022. Citigroup acted as Global Coordinator and Joint Bookrunner while Stanbic IBTC and Standard Chartered Bank acted as Joint Bookrunners.

"Advising on this 'first' for Nigeria and the African market reinforces White & Case's market-leading track record in the sovereign debt market in sub-Saharan Africa," said Stuart Matty, head of White & Case’s Global Capital Markets Practice. "This product provides a unique mechanism for foreign investors to invest in the domestic market on a continuous basis, in line with the Federal Government of Nigeria's strategy of diversifying the investor-base for local securities."

White & Case has a leading practice advising on sovereign mandates in Africa. This is the third transaction on which the Firm has advised the Federal Republic of Nigeria, having acted on its debut international bond issue in 2011 and represented the government on its US$1 billion dual-tranche Eurobond offer in 2013.

The White & Case team was led by partners Stuart Matty, Melissa Butler and Doron Loewinger, supported by associate Michal Amir, all based in London.

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