Lagos Presents NGN60 Billion Series 1 Bond to Investors

Series 1

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.

The offer is expected to open Monday December 12, 2016 and close Friday December 16, 2016. The bonds will be listed on the FMDQ OTC Securities Exchange and the funds raised will be used to execute several priority projects including the construction and rehabilitation of schools and roads in the State.

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.