Tuesday, February 07, 2012 11:12 AM
The Securities and Exchange Commission (SEC) has approved the bid by the Ondo State Government to raise ($170 million) N27 billion from the bond market.
The Ondo State bond is a N50 billion Medium Term Note Issuance Programme. The N27 billion to be raised now is the first tranche of this bond offer.
The offer will run at 14 per cent fixed rate with seven year tenure and is backed by an Irrevocable Standing Payment Order (ISPO) from the Federal Ministry of Finance.