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Finance Ministry seeks for Co-Managers in 2021 medium term international capital market programme

5 years ago
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The Finance Ministry has requested for Expressions of Interest (EOI) from qualified and reputable Co-Managers to partner international transaction advisors for various government-backed debt instruments to be issued this year.

The search for Co-Managers by the Finance Ministry follows government’s intention to launch a 2021 International Capital Market (ICM) funding programme for the medium term. 

For the 2021 portion of the programme, government intends to raise up to $5 billion to support growth-oriented expenditures in the 2021 Budget, conduct liability management including refinancing domestic debt and a buyback of some selected outstanding Eurobonds.

In a notice published on its website, the Finance Ministry states Co-Managers would be sourced from firms who qualify as Bond Market Specialists and/or Investment Advisors in accordance with the Requirements and Responsibilities of Primary Dealers and Bond Market Specialists.

Below are more information on the Finance Ministry’s request for EOI for Co-Managers

INSTRUMENTS UNDER THE 2021 INTERNATIONAL CAPITAL MARKET PROGRAMME 

The instruments for the programme consist of the following broad group of instruments:

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  1. Eurobonds;

2. Diaspora Bonds;

3. Sustainable Bonds (Green Bonds and Social Bonds); and

4. Syndicated Term Loans

SCOPE OF WORK 
 
The selected Co-Managers shall be required to provide the following services: 

  • Develop, or review, a financing plan including recommendations for the timing and amount of bonds to be issued.
     
  • Advise as to the various financing alternatives available to the Government
     
  • Assist the Ministry to develop credit rating presentation(s) and coordinate with the Ministry the presentation(s) to credit rating agencies.
     
  • Review the terms, conditions and structure of any proposed debt offering undertaken by the Ministry and provide suggestions, modifications, and enhancements where appropriate and necessary to reflect the constraints or current financial policy and fiscal capability.
     
  • Coordinate with the Ministry’s staff and other advisors as respects the furnishing of data for offering documents
     
  • Review Preliminary Investor Presentations prepared on behalf of the Ministry for use in marketing bonds
     
  • As applicable, advise the Ministry on the condition of the bond market at the time of sale, including volume, timing considerations, competing offerings, and general economic considerations.
     
  • Assist and advise the Ministry in negotiations with investment banking groups regarding fees, pricing of the bonds and final terms of any security offering and make recommendations regarding a proposed offering to obtain the most favorable financial terms based on existing market conditions.
     
  • Work with the International Transaction Advisors and other professionals including Legal Counsel and Local Advisors to assist in the execution of the program where necessary; and
     
  • In addition to the services identified above, provide related services as requested by the Minister. 

Source: norvanreports
Via: Snr Fuaad Dodoo
Tags: 2021 International Capital Market (ICM) funding programmeBond Market SpecialistsExpressions of Interest (EOI) Co-ManagersFinance ministryprimary dealers
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