Asset Management Corporation of Nigeria (Amcon) will strike debt-purchase agreements with 21 of the nation’s banks, Bloomberg reports. The state-owned company set up to buy loans from lenders will issue $6.5 billion of ‘consideration bonds’ and use the proceeds to buy debts arising from the banks’ non-performing loans. Amcon will sell a total of $16.44 billion of three-year, zero-coupon bonds. The paper will not be tradable and will be replaced by fully registered bonds on Jan. 31. Citigroup and Standard Chartered Bank’s local units are not participating in the arrangement.
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