Fitch Ratings has assigned Nigeria’s upcoming senior unsecured Dollar-denominated notes (Eurobond) an expected rating of ‘B+. This rating, according to Investopedia, an online financial dictionary, signifies that the issuer is relatively stable with a moderate chance of default. Investors and policyholders of the rated entity are taking a low to medium risk. Fitch explains that […]
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Fidelity Bank Plc, on October 11, 2017, priced a successful $400 million five-year Eurobond with a 10.50 per cent coupon in what is the largest combined new issue and liability management offering ever by a Nigerian issuer. Citigroup Incorporated, Renaissance Capital and Standard Bank Group Limited managed the deal, which included an any-and-all cash tender […]
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The Debt Management Office (DMO) on Thursday, said the Federal Government would float fresh eurobond to raise $2.5 billion before the end of 2017. Director General of DMO, Patience Oniha, who made this known at the 2017 Nigerian Debt Capital Markets Conference and Awards, organised by the FMDQ OTC Securities Exchange in Lagos said the […]
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Access Bank Plc has announced the final redemption of the $350,000,000 Eurobond Notes due July 25, 2017. The securities were issued in 2012 by Access Finance BV, a direct, wholly owned subsidiary of the bank, on the back of an unconditional and irrevocable guarantee of the bank. In October 2016, holders of $113 million of […]
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Nigeria plans to sell as much as $3 billion of foreign-currency bonds to replace naira debt, according to its finance minister. According to Bloomberg, the government will issue the dollar securities once the National Assembly approves the sale, Kemi Adeosun told reporters Wednesday in Abuja, the capital. They will have three-year maturities and be used […]
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The United Bank for Africa Plc on Monday said it had raised $500m through a debut Eurobond, which was oversubscribed by 240 per cent. “The significant investor demand reflects the strong global investor appetite for UBA’s credit and support for the group’s pan-African financial services strategy”, the lender said in a statement. According to the […]
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United Bank for Africa Plc (UBA) has notified the Nigerian Stock Exchange (NSE) and the investing public of its intention to launch a $500 million senior unsecured medium term debt notes. The bank said it intends to list the notes on the Irish Stock Exchange, with the expectation that it would be traded on its […]
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Both chambers of the National Assembly on Wednesday approved the request by President Muhammadu Buhari for a $500m Eurobond. Vice President Yemi Osinbajo had made the request as acting President, while Buhari was away on medical vacation in the United Kingdom. The bond, as explained in a letter to the Senate and House of Representatives, […]
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Acting President Yemi Osinbajo has requested the National Assembly’s approval for the issuance of US$ 500 million Eurobond in the international capital market for the funding of 2016 budget deficit. In a letter to the Speaker, House of Representatives, Yakubu Dogara, Osinbajo said that the proceeds of the Eurobond would be used to execute some […]
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The economic recession notwithstanding, the country was able to raise over $7.8billion of the proposed $1 billion in the Eurobond market, in what signifies a global investors’ endorsement of the federal government’s economic recovery initiatives and growth. The issue was 750 percent oversubscribed; underscoring buoyant investor appetite for Africa’s largest emerging market. The bond, issued […]
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