MTN to expand network, refinance debt with completed N110bn bonds

MTN Group

MTN to expand network, refinance debt with completed N110bn bonds     MTN Nigeria Communications Plc said on Thursday that it had successfully completed the issuance of N110 billion Series 1 seven-year 13 per cent Fixed Rate Bonds due 2028, under a N200 billion bond programme to refinance existing debt and support network expansion. MTN Nigeria’s Chief Finance Officer, Modupe Kadri, said the company issued debt to optimise its funding costs. He said the company was looking to repatriate $250 million in outstanding dividend to the group and was hopeful…

Read more

The strange yield curve

The strange yield curve

The Strange Yield Curve   By Coronation Research   Since the beginning of the year fixed income yields have been rising. Yet the movement in rates has been unequal across durations. Long-term bond rates have risen sharply and so too have 1-year T-bill rates at auction. But short-term T-bill rates have stayed low. FX Last week the exchange rate in the Investors and Exporters Window (I&E Window) strengthened by 0.24% to close at N410.00/US$1. In the parallel, or street market, the Naira weakened by 0.62% to close at N485.00/US$1. The gap…

Read more

FG to auction N150bn bonds in April

FG to auction N150bn bonds in April

FG to auction N150bn bonds in April     The Debt Management Office (DMO) on Wednesday disclosed that the Federal Government would offer N150 billion bonds for subscription in April. A circular by the DMO on its website showed that the breakdown of bonds comprised of three bonds worth N50 billion each. They are 10-year reopening bond to be offered at the rate of 16.2884 per cent and to mature in March 2027; a 15- year reopening bond to be offered at 12.5 per cent and mature in March 2035;…

Read more

Dangote Cement considers debt funding options under 300 billion bond issuance programme

Dangote Cement Q4 2020 Results

Dangote Cement Plc has obtained approval from the board of the company to access debt funding options in the capital market. The announcement for the regulatory approval from the board was contained in a press release issued by Dangote Cement during trading hours today, the 25th of March 2021. The cement behemoth added that this will help to stimulate the company’s business growth across its operating segments, as the cement manufacturer moves to expand operations by maximizing available sources of debt funding and other options available in the capital market. In line…

Read more

TSL SPV Plc N12bn bond listed on NSE

FG to auction N150bn bonds in April

TSL SPV Plc N12bn bond listed on NSE   The Nigerian Stock has announced listing of N12 billion bond of Transport Service Limited SPV under its N50 billion bond issuance. The Series 1 Senior Guaranteed Fixed Rate Infrastructure Bond Due 2030, issued by the transport company came with a 10 per cent per cent coupon rate, accruing from the issue date. According to the details of the bond, it has a volume of 12 million at N1,000 as unit value with the price 100 per cent at par. It was…

Read more

BUA’s N100bn bond opens for bid

BUA's N100bn bond

BUA Cement Plc, Nigeria’s second-largest cement manufacturing company quoted on the Nigerian Stock Exchange (NSE) announced it has commenced a book-building process to raise N1oo billion in the debt market. It informed investors via a filling at the NSE on Wednesday of its Series 1, N100 billion 7-year Fixed Rate Senior Unsecured Bonds under its N200 billion bond programme. The manufacturer said the announcement followed a successful approval by the Securities and Exchange Commission (SEC). BUA stated in the statement signed by Ahmed Aliyu, Company Secretary, BUA Cement Plc. The…

Read more

FG September bonds oversubscribed by 148% as investors stake N360.22bn

The Debt Managemy Office (DMO) has disclosed that the federal government’s bonds for the month of September worth N145 billion have enjoyed over 148 per oversubscription as they were auctioned on Wednesday. Specifically, the DMO indicated that the bonds were oversubscribed by N215.22 billion, as the total subscription received from investors for the bonds was N360.22 billion. These comprised of N83.83 billion for 12.5 per cent FGN January 2026 bonds; N71.4 billion for 12.5 FGN March 2035 bonds; N41.06 billion for 9.8 per cent FGN July 2045 bonds; and N163.93…

Read more

NSE lists N10bn fixed rate bonds of United Capital Plc

united capital N10bn bonds

The Nigerian Stock Exchange (NSE) on Tuesday, September 22, announced that it has listed N10 billion shares of United Capital Plc at the exchange. The bond is a 5 year senior unsecured fixed-rate series bonds due 2025, with a 12.5 per cent interest. In a statement obtained by Business Metrics from the official website of NSE and signed by Godstime Iwenekhai, its head of listings regulation, the medium-term bond will be issued as part of the N30 billion Debt Issuance Programme earlier announced by United Capital. The subscription for the…

Read more

Bond yields Rising

FG to auction N150bn bonds in April

By Han Tan News flow has been relatively light this morning with the Dollar slightly bid against most of the G10 and mixed versus Emerging Market currencies. Global equities are also mixed with US stock futures trading flat on the day so far, while Asian and European stocks tread water. The main moves have been in the bond markets and the sell-off in longer-dated bonds, with 10-year US Treasury yields now back above 0.70%, a level last seen a few weeks ago. Is this increase in yields due to greater…

Read more

Cracks In The Bond Market?

OMO Auction Overnight rate

By Coronation Research Analysts From mid-March through to the beginning of this month, the Federal Government of Nigeria (FGN) bond market was a one-way bet, with yields tightening and prices moving up steadily. Two weeks ago the market cracked, with a brief sell-off, which was a reminder that prices can go down. However, it seems that institutional liquidity is set to increase, and more bond-buying may emerge in the weeks and months ahead. This is dangerous, in our view, and stores up trouble for the future. As we argue in…

Read more