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DMO partners FMDQ to list first ever FGN $1bl Eurobond

Bonds
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Tuesday, March 7, 2017 8.30am/Proshare WebTV

The Debt segment of the Nigerian capital market, received a boost today in its activity, with the formal listing of the first-ever FGN Sovereign FX denominated $1bl Eurobond at the FMDQ OTC Exchange.

It marked a new chapter for the Nigerian domestic market and its capacity to attract international-based listing,  that can deepen the market.

At the formal listing ceremony, the Director-General of the Debt Management Office (DMO), Dr. Abraham Nwankwo lauded the market innovation of the FMDQ OTC since inception in 2013, driving the debt capital market activities.

He believed the $1bl Eurobond listing will give opportunity to Nigerians to access the secondary market of the bond, beyond the primary listing in the London Stock Exchange(LSE) and trade/participate in the market.

Dr Nwankwo was happy to report that since the $1bl FGN Eurobond offer on the 9th of February 2017, the subscription of investors has experienced a remarkable 800% surge, affirming their confidence in the Nigerian market and economy.

Representative of the Director-General of the Securities and Exchange Commission of Nigeria (SEC Nigeria), Mr Adamu Sambo commended the DMO and FMDQ on the listing of the Sovereign Nigerian Eurobond.

Mr Sambo said the listing will improve the Nigerian capital market contribution to the GDP of the Nigerian economy. The SEC official was optimistic that it will also achieve a quantum leap in the performance of the market.

From the regulatory side, he assured the FMDQ OTC exchange of  continued support in the area of  the provision of an enabling atmosphere for the market.

The MD/CEO of the FMDQ  Mr Bola Onadele described the event as historic and commended the regulators SEC and DMO, for their support to the growth and evolution of the FMDQ OTC exchange.

For Mr Onadele the Eurobond was a milestone for the FMDQ OTC, in its quest to be the African choice market in Fixed Income and Currency.

The $1bl FGN Eurobond has a 15 year tenor, with a coupon of 7.875% notes, and the proceeds are to be used by the Nigerian government to fund key capital projects that will transform Nigeria’s socio-economic landscape.

Financial advisers are Citi Bank, Standard Chartered Bank and Stanbic IBTC. The primary listing was done in the London stock exchange and secondary market listings in the Nigeria stock exchange and FMDQ OTC exchange.

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