Zambia Set To Issue $500 Million Eurobond

Zambia

VENTURES AFRICA – Zambia has revealed plans to issue Eurobond totalling $500 million within the next eight weeks.

 

Mr Felix Nkulukusa, an official of the finance ministry in Zambia, confirmed that the Southern african country is set to issue a debut Eurobond.

 

According to Mr Nkulukusa, a director in the economic management department of Zambia’s finance ministry, Zambia is hoping to to do it within eight weeks. He made the disclosure during an event on Zambia in London.

 

Thomson Reuters reports that Zambia has drawn up a shortlist of 11 banks and will choose bookrunners and legal advisers for the bond in the next two weeks following requests for proposals (RFPs) which close later on Friday.

 

Mr Nkulukusa added that investor roadshows would folow this initiative.

 

The bond will have a maturity of 10 years and the proceeds will be used for infrastructure in the roads and energy sectors, he said.