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Fidelity Bank Lists N41.213 Billion Unsecured Subordinated Bonds on NGX

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Fidelity Bank - Investors King

Fidelity Bank Plc on Tuesday announced it has listed N41,213,000,000 10 year 8.5 percent subordinated unsecured fixed-rate series 1 bonds due 2031, issued on January 7th, 2021 on the Daily Official List of the Nigerian Group Exchange.

The bonds were issued under Fidelity Bank’s N100,000,000,000 Debt Issuance Programme.

The announcement was made in a statement signed by Ezinwa Unuigboje, Company Secretary, Fidelity Bank Plc.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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MTN Nigeria to Raise N89.9 Billion Via Bond Issuance

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MTN Nigeria - Investors King

MTN Nigeria Communications Plc (MTN Nigeria) has announced plancs to raise another N89.999 billion through bond issuance under its N200 billion registered shelf programme.

The telecommunications giant stated in a note to the Nigerian Exchange Limited and investing public.

MTN Nigeria said “an application has been submitted to the Securities and Exchange Commission (SEC) for the clearance of transaction documents for MTN Nigeria’s proposed bond issuance valued at N89,999,000,000; Series 2 of the N200,000,000,000 registered shelf programme.”

The telecom company had successfully raised N110,001,000,000 through Series 1 bond in the month of May 2021.

However, it said the final decision on the launch of the Series 2 bond will be taken once all regulatory approvals are obtained, and the investing public will be duly notified.

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Access Bank to Issue Another Tier 1 Eurobond

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Herbert Wigwe - Investors King

Access Bank Plc, a Nigerian leading commercial bank with operations in 11 African nations, on Friday announced plans to issue an additional Basel III-based perpetual Non-Call 5.25-year benchmark USD-denominated Regulation S/144A Tier 1 bond under the lender’s $1.5 million Global Medium-Term Note Programme.

To ensure success of the Eurobond, Access Bank appointed Citi, J.P. Morgan, Renaissance Capital and Mashreqbank as Joint Bookrunners while Chapel Hill Denham and Coronation Merchant Bank were were appointed as Financial Advisers and Join Bookrunners to arrange a global invetsors call on September 27, 2021 at 2 PM UKT/9 AM NYT.

It would be recalled that Access Bank successfully offered $500 million Senior Unsecured Eurobond under its Global Medium-Term Note Programme on September 13, 2021 and received $1.6 billion bids from global investors. The largest orderbook by a Nigerian bank Eurobond transaction.

Despite tough operating environment and COVID-19 distruption, Access Bank has proven to be one of the most successful banks in Nigeria. The lender grew profit after tax by 42.43 percent in the first half of 2021 to N86.9 billion and paid an interim dividend of N10.6 billion to shareholders.

One of the reasons both local and foreign investors have continue to believe in the growing bank.

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Investors Renewed Confidence In Nigeria’s Economy Leads to Oversubscribed Eurobond

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Bonds- Investors King

The Debt Management Office (DMO) revealed that the $3 billion Eurobond offer was heavily oversubscribed, noting that investors were ready to invest $12.2 billion.

Consequently, the government decided to increase its initial offer value from $3billion to $4billion.

According to a statement on Tuesday night by the Debt Management Office (DMO), investors from, Nigeria, Europe, Asia and America demanded $12.2 billion for the notes.

“This exceptional performance has been described as ‘one of the biggest financial trades to come out of Africa in 2021 and an excellent outcome”, said the DMO in a statement.

“The size of the Order Book and the quality of investors demonstrate confidence in Nigeria”, the DMO said.

Nigeria opened its order book for the bond offering on Tuesday, aiming to issue the bond next week, according to a notice to investors.

The country issued the debt in tranches of three tenors.

It raised $1.25 billion for seven years at a yield of 6.125 percent and sold a 12-year bond at 7.375 percent to fetch $1.5 billion. A 30-year tranche of $1.25 billion was sold at 8.25 percent

The government had arranged a two-day call with investors last week and on Monday, with the DMO saying that the bond would be priced following the meetings.

The notice was set for Sept. 28 for the bond settlement, which will be listed on the London and Nigerian Stock Exchanges.

The Eurobonds are part of a government plan to raise 2.343 trillion naira ($5.71 billion) in external financing to help fund spending in 2021 and to partly finance the 5.6 trillion naira deficit.

“The long tenors of the Eurobonds and the spread across different maturities are well aligned with Nigeria’s Debt Management Strategy, 2020 – 2023”, the DMO said.

“Since the Eurobonds were issued as part of the New External Borrowing in the 2021 Appropriation Act, the raising of USD4 billion through Eurobonds provides a significant amount of funds to finance projects in the Act, thus contributing to the implementation of the 2021 Appropriation Act”, it added.

Nigeria picked JPMorgan, Citigroup, Standard Chartered and Goldman Sachs as international bookrunners, and local firm Chapel Hill Denham on the forthcoming Eurobond issue

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