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Nigerian banks go offshore to raise cheap funds

28 May 2014, 19:01

Lagos - Nigerian banks are increasingly turning to overseas investors to raise low-cost funding through covered bonds in order to shore up their capital and have access to long-term funds.

The decision of the banks to go offshore for funding is due to low interest charges and their inability to raise funds in the domestic equity market, reports ThisDay

Moreover, banks are going offshore because of the growing global investors' appetite for  Nigeria's debt instrument.

Just recently, Zenith Bank Plc and Diamond Bank issued $500 million dollar-denominated bond and $200 million five-year Eurobond respectively. More deals from other banks are in the pipeline.

Read more at ThisDay

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