Nigeria’s main monetary providers group, United Capital Group, acted because the Lead Issuing Home and coordinator for the profitable issuance of the FGN Home Greenback Bond, Nigeria’s first-ever home US dollar-denominated bond.
The transaction generated unprecedented home demand, elevating over US$900 million, to realize over 180% subscription ranges, emphasising United Capital’s putting energy within the capital markets and powerful investor confidence in Nigeria’s financial stability and development potential.
This primary issuance beneath the Home FGN US Greenback Bond program affords a 9.75% yield and attracted vital demand from a various group of traders, together with Nigerians and non-Nigerians residing in Nigeria, Nigerians in Diaspora, and institutional traders. The bond might be listed on the Nigerian Alternate Restricted (NGX) and FMDQ Securities Alternate Restricted (FMDQ Alternate).
The proceeds from the bond might be deployed to vital sectors of the economic system, as a part of ongoing efforts to maintain development and deal with key infrastructure gaps.
Commenting on the success of the issuance, Managing Director, Funding Banking at United Capital Group, Dr. Gbadebo Adenrele, mentioned: “It is a landmark second for Nigeria’s capital market. As a pioneer on this class of transactions, United Capital has laid the muse for extra such vital capital raises by the Nigerian Authorities, different African sovereigns and main company issuers. The profitable issuance of the Home FGN US Greenback bond is a testomony to investor confidence within the nation’s financial development trajectory and our revolutionary method to finance.”
The Group CEO, United Capital Group, Peter Ashade, emphasised United Capital’s dedication to creating Africa’s capital markets. “The profitable issuance of Nigeria’s inaugural Home FGN US Greenback bond is a major milestone for each the nation and United Capital. This transaction aligns completely with our imaginative and prescient of reworking the African monetary panorama. By offering entry to revolutionary funding alternatives, we’re empowering traders and contributing to Nigeria’s financial development.”
Alongside United Capital’s position because the Lead Issuing Home/Coordinator for the home bond issuance, Africa Finance Company (AFC) served because the World Coordinator; Meristem Capital Restricted, Stanbic IBTC Capital Restricted and Vetiva Advisory Companies Restricted acted as Issuing Homes; Fixed Capital Markets & Securities Restricted and Iron World Markets Restricted acted as Monetary Advisers; Olaniwun Ajayi LP and G. Elias acted as Solicitors, and Greenwich Trustees Restricted acted as Trustee.
United Capital Group’s pivotal position on this transaction highlighted its capability to guide and handle vital capital market actions, as lately demonstrated with the itemizing by introduction of Transcorp Energy Plc on the Nigerian Alternate Restricted and the issuance of Sierra Leone’s first native foreign money company bond, reinforcing its status in Africa’s monetary panorama.
