As part of the NGN500 billion bond issuance programme we reported yesterday, the Lagos state government will any moment from now pitch to institutional investors NGN60 billion series 1 of the programme.
The presentation will be attended by institutional and corporate investors including pension funds, insurance companies, asset management companies and other individual investors.
Lagos is Nigeria’s biggest borrower after the federal government. As a result of the state positive credit rating, most local investors subscribe to its bond programmes.
As at September, the state has a total of USD1.43 billion in its debt profile.