FG Green Bond Series II credited 220% Subscription rate

Must Read

Top 10 Most Expensive Universities In Nigeria

For many Nigerians, high-quality higher education is a luxury. There are many private universities who are known not only...

HOW TO GET FUNDS FOR YOUR SMALL BUSINESS

No doubt, startups can be very exciting, but the challenge of raising capital for it to get some footing...

Nigerian State Government to commission US$11.11m Rice Mill Factory (Photos)

Kogi State government in central Nigeria is set to commission a Rice mill factory worth N4 billion (about US$11.11m)...
- Advertisement -
Advancing the Federal Government of Nigeria’s Climate Change Initiative: Debt Management Office announces its second Sovereign Green Bond, designating 220% subscription level
The Debt Management Office (“DMO”) has declared the effects of its second Sovereign Green Bond offering for N15 billion. The Offer, which presented to the general public on Monday, June 3, 2019, and closed on Monday, June 10, 2019, was preceded by roadshow meetings with investors and other stakeholders in Lagos and Abuja. The results of the second Sovereign Green Bond issuance revealed increased knowledge and awareness of Green Bonds by subscribers, and perhaps also demonstrated a greater level of commitment from the general public towards protecting the environment. The total value of subscriptions received was N32.93 billion, representing 220% of the N15 billion offered. Similarly, the number of subscribers doubled when compared to the figure for the first Sovereign Green Bond issued in December 2017. Retail investors were not left out, as the number of individuals who subscribed for the second Sovereign Green Bond more than doubled. The number of subscriptions grew by almost 201% with the share of total subscriptions rising to 1.43% compared to 0.67% for the 2017 Sovereign Green Bond. The stronger participation of retail investors shows that financial inclusion and deepening of the domestic financial market, which are some of the key objectives of the DMO in its issuance activities, are being achieved.
Read:  Fidelity Bank Ratings Affirmed with Stable Outlook
Whilst the Offer was oversubscribed, the DMO allotted only the N15 billion that was offered for a tenor of 7 years, at a coupon of 14.50% p.a.
Read:  NSE Delists The Entire Issued Share Capital of First Aluminium Nigeria From The Daily Official List
The proceeds of the Green Bond will be used to finance projects in the 2018 Appropriation Act, which will contribute to Nigeria’s commitments to the Paris Agreement on Climate Change. The projects include Off-Grid Solar and Wind Farm, Irrigation, Afforestation and Reforestation, as well as, Ecological Restoration. Assisting the DMO with this landmark offering were the financial advisors, Chapel Hill Denham Advisory Limited, Capital Assets Limited, Rand Merchant Bank Nigeria Limited and Stanbic IBTC Capital Limited.
Read:  Fiscal Policy in Nigeria: Revenue mobilization remains challenged
- Advertisement -

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Latest News

4 Nigerian firms begin local production of milk

In line with the Central Bank of Nigeria (CBN) policy to discourage the importation of milk, four dairy products manufacturers have...

Konga Research Unit Says Digital Procurement Key To Corporate Survival

Organisations must embrace digital procurement strategies in order to save cost and improve their margins. This will go a long way in helping companies...

All you need to know about Treasury Bills

Treasury bills are getting popular among the investing public. They are one of the safest investment options available, generating a decent return. If you’re...

United Capital launches Nigerian Diaspora Trust

With an increasing number of Nigerians living in the diaspora who want to start and grow investments back home, United Capital Trustees has responded...

More Articles Like This