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IFC Completes Issuance of N12bn ‘Naija’ Bonds

News » Business

Date:1st, MARCH, 2013


Standard Chartered Bank Thursday  announced that it has successfully completed a N12 billion ($76 million equivalent) Senior Unsecured Fixed Rate Notes issuance due 2018 for the International Finance Corporation (IFC), a member of the World Bank Group.

The IFC Naija bond was issued to support Nigeria’s domestic capital markets, increase access to local-currency finance and target investors such as pension funds, insurers, asset managers and banks seeking to diversify their respective portfolios.
A statement explained that with the fixed income securities, IFC has established a benchmark for other international issuers to tap the growing naira market.

The bank described the deal as a landmark transaction, adding that it was the first onshore issuance in the Nigerian naira market by an international issuer and the lowest spread achieved for an onshore issuance in the market.

Commenting on the fixed income instrument, Chief Executive Officer, Standard Chartered Bank Nigeria Limited, Mrs. Bola Adesola, said: “We are excited to be part of this landmark transaction which breaks the glass ceiling in capital markets dealing for Nigeria. We believe this is a turning point for domestic growth and development in our local economy.

“Standard Chartered Bank is the Lead Issuing House and Lead Bookrunner for this bond. Proceeds from the bond will be used by the IFC to support its private sector development program.”
Chapelhill Advisory Partners were Joint Lead Issuing House and Joint Bookrunner on the transaction.

IFC is rated triple-A by Moody’s Investors Service and Standard & Poor’s.
On his part, IFC’s Country Manager for Nigeria, Solomon Adegbie-Quaynor, said: “The IFC ‘Naija’ bond will support the government’s efforts to deepen domestic capital markets in Nigeria. It will also help pave the way for other issuers in the domestic markets and make available funds that can be put to work in the local economy.”

The IFC Naija bond was issued by IFC in collaboration with the Nigerian government, regulatory authorities and market participants. IFC’s committed portfolio in Nigeria currently stands at $1.1 billion, the largest country portfolio in Africa and the eighth-largest globally.


Article Credit: The Thisday News

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