{"id":11256,"date":"2017-03-01T18:59:40","date_gmt":"2017-03-01T17:59:40","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=11256"},"modified":"2017-03-01T18:59:40","modified_gmt":"2017-03-01T17:59:40","slug":"fg-to-list-1-bn-eurobond-on-nse","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/fg-to-list-1-bn-eurobond-on-nse\/","title":{"rendered":"FG To List $1 Bn Eurobond On NSE"},"content":{"rendered":"

FRIDAY EKEOBA<\/p>\n

The Federal Government will tomorrow (Thursday) list its $1 billion Eurobond issued under the domestic economy newly established Global Medium Term Note programme on the floor of the Nigerian Stock Exchange (NSE).<\/p>\n

The15-year domestic Sovereign Eurobond priced at par and at a coupon of 7.875% per annum is the first foreign currency denominated security to be listed and traded in the Nigerian capital market.<\/p>\n

Commenting on the listing, the Director General, Debt Management Office (DMO), Dr Abraham Nwankwo said that \u201cthe listing of domestic Sovereign Eurobond reinforces FGN\u2019s commitment to deepen and grow the
\nNigerian capital market. Developing the domestic market can help bridge the infrastructure deficit constraining economic growth\u201d.<\/p>\n

He noted that the Eurobond which was over-subscribed by 780%, is part of FGN\u2019s funding strategy for its 2016 capital expenditure and will be spent on key infrastructure projects, in line with its economic plan. \u201cThis huge oversubscription rate underscores a buoyant investor\u2019s appetite for building exposure to Nigeria and demonstrates international confidence in the economy\u2019s long term prospects\u201d.<\/p>

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Advertisement<\/div>\r\n\t\t\t\t\t\t\t<\/a>\r\n \r\n\t\t\t\t\t\t\t<\/div>\n

Also speaking on the listing, the Executive Director, Market Operations and Technology, Mr Ade Bajomo commended the DMO for listing the Eurobond in the nation\u2019s bourse. He noted that the domestic listing will diversify its investors\u2019 base by giving Nigerian institutional investors access to the bond.<\/p>\n

Mr. Bajomo further remarked that \u201cthe listing of the dollar denominated bond on the Exchange will boost price discovery and liquidity in the local market as well as help attract reliable long term foreign currency denominated funds into the financial market. It will also set the foundation for raising and listing more foreign
\ndenominated securities in Nigeria which will open up additional capital raising options for issuers and portfolio diversification opportunities to investors\u201d.<\/p>\n

\u201cTo ensure seamless trading and settlement of the Eurobond, the Exchange, working with Central Securities Clearing System (CSCS) developed and presented to issuers and transaction parties, a framework depicting
\nonshore and cross border trade and settlement process in line with robust market practices\u201d, added Bajomo.<\/p>\n

This listing bring to five the number of listing that has occurred on the Exchange in 2017. The Exchange admitted Forte Oil\u2019s Bond, Exchange Traded Fund (ETF) and Real Estate Investment Trust (REITs) whilst welcoming Medview Airline and Jaiz Bank to its Main Board via Listing by Introduction.<\/p>\n","protected":false},"excerpt":{"rendered":"

FRIDAY EKEOBA The Federal Government will tomorrow (Thursday) list its $1 billion Eurobond issued under the domestic economy newly established Global Medium Term Note programme on the floor of the Nigerian Stock Exchange (NSE). The15-year domestic Sovereign Eurobond priced at par and at a coupon of 7.875% per annum is the first foreign currency denominated …<\/p>\n","protected":false},"author":11,"featured_media":10748,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,17],"tags":[812,714,740],"coauthors":[2392,2393],"class_list":["post-11256","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-news","tag-dmo","tag-fg","tag-nse"],"yoast_head":"\nFG To List $1 Bn Eurobond On NSE - National Wire<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/fg-to-list-1-bn-eurobond-on-nse\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FG To List $1 Bn Eurobond On NSE - National Wire\" \/>\n<meta property=\"og:description\" content=\"FRIDAY EKEOBA The Federal Government will tomorrow (Thursday) list its $1 billion Eurobond issued under the domestic economy newly established Global Medium Term Note programme on the floor of the Nigerian Stock Exchange (NSE). 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