Shell Energy Entrepreneurs banner Yudala banner
Lagos, issuing houses seal deal on N47bn Bond

By News Express on 31/12/2016

Share on facebook Yahoo mail icon Gmail icon

Views: 806

Governor Ambode.
Governor Ambode.

The Lagos State Government on Friday announced the closing of its N47 billion 16.5 per cent 2023 Series 1 Bond Issuance under the N500 billion Third Debt Issuance Programme targeted at improving the physical and social infrastructure base of the State.

At the signing ceremony held at the Lagos House, Ikeja, the State Government issued N47billion Series 1 Bond maturing in December 2023, under its N500 billion Third Debt Issuance Programme.

The Book Keeping was concluded on Friday, December 23, 2016 with the first issuance priced at 16.5 per cent.

State Governor, Mr. Akinwunmi Ambode, in his remarks at the signing ceremony, said that despite the continued challenges in the economy and difficult market conditions which have seen the last three Federal Government Bond auctions undersubscribed by an average 32 per cent, Lagos State sold some 80 percent of the bonds it offered at a 57bps spread to the sovereign.

He expressed appreciation for the confidence investors have reposed in the State Government, saying that it was an eloquent testimony of the government’s credit worthiness.

He said, “We are truly humbled by the confidence investors have once again demonstrated in the Lagos State credit story. The Lagos State Government remains committed to improving the physical and social infrastructure base of the State and is proud of its reputation as a most responsible issuer in the Nigerian capital markets”.

The Governor also acknowledged the support received in the issuance process from the Minister of Finance, Mrs. Kemi Adeosun, as well as the Attorney General of the Federation and Minister for Justice, Mr. Abubakar Mallami and their teams, the Security and Exchange Commission, the Federal Debt Management Office and the State’s advisers.

On his part, Chief Executive Officer, Chapel Hill Denham, Financial Advisers and Lead Book Runners, Mr. Bolaji Balogun said Lagos State was leading from the front in the issuance of Bond despite the prevailing market dynamics.

“We are deeply honoured to work with the Lagos State Government, which has again affirmed its peerless credit reputation in tricky market conditions right at the end of the year to issue the only bond by a State in Nigeria, in 2016 and I thank all of our colleagues in the issuing party for working with us to deliver a successful outcome,” Balogun said.

It would be recalled that the Lagos State Government had registered a N500billion Third Debt Issuance Programme and has a credit rating of A+ by Global Credit Ratings Co. and Agusto & Co.
  

Source News Express

Posted 31/12/2016 2:31:52 PM

 

Share on facebook Yahoo mail icon Gmail icon


 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

 

You may also like...
You lied, Senate tells Amaechi •Demands withdrawal of...

Nigerian Muslim clerics recruiting for Boko Haram —Report...

INEC to deploy 23,000 ad-hoc staff for Anambra...

I AM VERY SAD, By Tola Adeniyi

Breaking: Ogoni, Itsekiri finally make National Conference delegates...

RIGHTSView, By EMMANUEL ONWUBIKO: Amnesty International: Is Gen....

APGA blames fuel scarcity on corruption, urges Buhari...

Aba shoemakers caution government over Chinese investor

Senate passes Whistle Blowers Protection Bill

30 die in Lagos/Ibadan expressway accident

Recoveries from TSA may reduce amount to be...

Group berates Wamakko for attacking Dasuki, Presidency, cautions...

 

Latest News US announces time for relocation of Embassy to Jerusalem Gunmen abduct lawmaker’s 2 children, kill 3 villagers 80 students escape death as fire razes hostel Combat-ready MOPOL to tackle killer Badoo boys, other criminals in Ikorodu Lagos Nigeria, US launch Security Governance Initiative Go for second term, South-East APC leaders urge Buhari Government shutdown takes heavy toll on US workers, economy WHO donates 853 motorcycles to Nigeria for disease surveillance Music star Olamide joins war against drug abuse Kano market fire ‘economically destabilising’ — Buhari Weah sworn in as Liberia president, vows to end corruption Enugu Airport runway wears new look

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (316,502 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (307,133 views) Shameless Genevieve Nnaji exposes breasts in public (245,707 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (201,879 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (190,501 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (179,936 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (156,092 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (140,474 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (136,402 views) Lagos plane crash: Journalist releases victims’ names (124,849 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (122,221 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (119,192 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (33) Business (2,855) Business Verdict (32) Columnists (792) Complaints & Requests (94) Enterprise & Opportunities (201) Entertainment (431) Features (541) Global Business Monitor (222) International (1,753) Interviews (139) Live Commentary (28) Love Matters (100) News (32,096) Opinion (869) Pidgin (10) Politics (4,367) Religion (667) Sports (1,408) Stock Watch (26) AMA & Al Jazeera Global Update

 

CBN Banner advert

CBN Words on marble

 

 

Football president George Weah puts Liberian army to the test

 

APO Group Partner

 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement



 

 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!