FG to auction N150bn bonds in July

The strange yield curve

FG to auction N150bn bonds in July The Debt Management Office (DMO) on Monday, disclosed that the Federal Government will offer N150 billionn bonds for subscription in July. A circular by the DMO on its website showed that the breakdown of bonds comprised three bonds worth N50 billion each. They are 10-year reopening bond to be offered at the rate of 13.98 per cent and to mature in February 2028; a 20-year reopening bond to be offered at 12.4 per cent and mature in March 2036; and a 30-year reopening…

Read more

Naira trades flat at N502 against dollar on Nigerian streets

Naira trades flat at N502 against dollar on Nigerian streets

Naira trades flat at N502 against dollar on Nigerian streets     Nigerian local currency, naira traded flat in the currency market at N502 against dollar on Tuesday in the parallel market amidst bid range between N400 and N420.86 to the dollar. However, the naira depreciated by 0.08 per cent as the dollar was quoted at N411.45 to the dollar as against the last close of N411.13 at the I&E FX market. Official data obtained by Business Metrics from FMDQ OTC Exchange showed that at the end of the trading session,…

Read more

Stanbic IBTC Asset launches N100bn infrastructure fund for PFAs, insurers, others

Stanbic IBTC Asset launches N100bn infrastructure fund

Stanbic IBTC Asset launches N100bn infrastructure fund for PFAs, insurers, others     Stanbic IBTC Asset Management, a subsidiary of Stanbic IBTC Holdings Plc, has launched a N100 billion infrastructure fund designed for institutional investors such as pension fund administrators, insurance companies, asset managers and high-net-worth individuals. It said this in a statement on Sunday titled ‘Stanbic IBTC Asset Management launches N100 billion infrastructure fund’. The statement said Stanbic IBTC Infrastructure Fund was registered with the Securities and Exchange Commission (SEC) as a Collective Investment Scheme and provided an opportunity…

Read more

Me Cure Industries lists N3bn bond on NGX

Me Cure Industries lists N3bn bond on NGX

Me Cure Industries lists N3bn bond on NGX     Me Cure Industries Limited commemorated the listing of its N3 billion bond with a digital Closing Gong Ceremony on Nigerian Exchange (NGX) Limited on Friday, 21 May 2021. The debut listing was the ₦3 billion 5-Year Series 1 Fixed rate Senior Secured Bond issued by Me Cure Industry Funding SPV Plc under the ₦20 billion Debt Issuance Programme. Speaking at the ceremony, the Divisional Head, Listings Business, NGX Limited, Mr. Olumide Bolumole stated, “At NGX Limited, we maintain our commitment to…

Read more

Liquidity squeeze persists as CBN auctions fresh N117.6bn TB instruments

Liquidity squeeze persists as CBN auctions fresh N117.6bn TB instruments

Liquidity squeeze persists as CBN auctions fresh N117.6bn TB instruments     The Treasury bills secondary market remained bearish this week, as the liquidity squeeze in the system drove sell-offs by market participants. As a result, the average yield across all instruments expanded by 14 basis points to 7.1 per cent. Across the market segments, the average yield increased by 23bps to 8.6 per cent at the OMO segment and by 21bps to 5.1 per cent at the NTB segment. At the NTB auction, the CBN offered instruments worth N117.56…

Read more

MTN to expand network, refinance debt with completed N110bn bonds

MTN pays shareholders better dividend of N9.40k per share

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