The Ministry of Finance, as part of its plans to enter the international capital market early 2021 with the issuance of the $5 billion Eurobond, is seeking Expressions of Interest (EOI) from qualified and reputable transaction advisors.
The request of EOI from transaction advisors by the Finance Ministry, not only covers the issuance of the $5 billion Eurobond, but other debt instruments as government intends to launch a 2021 International Capital Market (ICM) funding programme for the medium term.
The $5 billion Eurobond issuance as already noted by government, is to support growth-oriented expenditures in the 2021 Budget, conduct liability management including refinancing domestic debt and a buyback of some selected outstanding Eurobonds.
The other debt instruments as listed by the Finance Ministry include;
- Diaspora Bonds;
- Sustainable Bonds (Green Bonds and Social Bonds); and
- Syndicated Term Loans
“All applicants must separately indicate their willingness in writing to provide bridge financing if needed and the quantum, terms and timing thereof,” noted the ministry.
Below are more information on the Finance Ministry’s request for EOI from transaction advisors;
SCOPE OF WORK
- The selected Transaction Advisors (Lead Manager and Co-Manager) for each instrument shall be required to provide but not limited to the following services:
- advising, guiding and driving the international capital market funding program process;structuring and documentation of the program;
- work with other professionals including Legal Counsel and Local Advisors to assist in the execution of the program where necessary;
- market sounding through roadshows etc. and engaging with institutional investors and lenders;
- participate in the bridge financing if needed;
- ensuring the financial close of the program; and
- any related assignment principal to the success of the programme
CRITERIA FOR EVALUATION
Each Expression of Interest (EOI) to serve as an International Transaction Advisor should address the mandatory and other requirements as set forth below in the order shown and should be as specific and succinct as possible.
Please note that, based on the applicant’s interest, the EOI is to be submitted separately for the specific category of ICM instruments as stated in paragraph II. The criteria for evaluation, therefore, applies to each instrument.
Mandatory Requirements
Interested applicants must provide the following, evidence of which must accompany the EOI:
- Registration Certificate with relevant regulatory authorities in the legal jurisdiction of the applicant / Certificate of Incorporation (if Applicable);
- Provide the profile of the Firm and the Curriculum Vitae with evidence of supporting certificates of all professionals to be assigned to the transaction with a description of each individual’s role;
- Provide evidence of at least a ten-year track record of similar transactions in Emerging Markets (EM) especially in relation to the chosen instrument stated above. Emphasis would be placed on successful issuances over the past 5 years.
- Provide evidence and details of debt transactions executed specifically in Sub-Saharan Africa in the last 5years.
