Asset Management Corporation of Nigeria (AMCON) will postpone its $9.8 billion tradable bond issue, Bloomberg reports. The state-owned company, formed to acquire non-performing debts from banks, is completing the bond registration process with various regulatory bodies.
The bonds are expected to be issued by the end of the first quarter of 2011. The proceeds from the debt sale will replace $6.8 million of consideration bonds, sold on Dec. 31, 2010, which will not be tradable until they are replaced with properly registered bonds.
Click here for the story from Bloomberg.
Click here for the additional coverage from Reuters.