Eurobond: NSE Pledges Partnership To Enhance Domestic Market’s Depth

Photo Caption: (From left): Pai Gamde, Acting Head, Corporate Services Division, The Nigerian Stock Exchange (NSE); Ade Bajomo, Executive Director, Market Operations and Technology, NSE; Abraham Nwankwo, Director General, DMO; Oladele Afolabi, Director, Portfolio Management Department, DMO; at the Facts Behind the Listing at the Exchange today.

The Nigerian Stock Exchange, on Thursday listed the Federal Government’s $1 billion
Eurobond issued under Nigeria’s newly established Global Medium Term Note programme for trading.
Welcoming all to the Fact Behind the Listing presentation of the maiden 15-year domestic Sovereign instrument, Ade Bajomo, Executive Director, Market Operations and Technology of the NSE, congratulated the Debt Management Office (DMO) on the remarkable success of its first issuance since 2013, particularly the 780% oversubscription level it achieved.
He promised the NSE’s continued collaboration “with the government and all market stakeholders to collectively enhance market depth and investor education/awareness,” just as he noted the quality of investors cutting across hedge funds, pension funds, insurance companies, banks and other institutional investors.
According to listing materials prepared by the DMO, the bond is for funding the government’s capital expenditure in the 2017 budget with 7.875% per annum coupon, payable on semi-annual basis.
While asset managers scooped 73% of the bond issuance, hedge funds took up 13%; banks/private banks, 3% and others, 1%.
By geographic location of the investors, those of U.S origin represented 48%; UK, 37%; Europe, 10% and others, 5%.
Bajomo also congratulated the financial adviser – StanbicIBTC Capital – and other transaction parties who helped achieved this laudable feat.

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