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Seplat kicks off Capital Markets Day with NGX Closing Gong Ceremony

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Seplat Energy Plc - Investors King

Nigerian Exchange (NGX) Limited hosted Seplat Energy to a digital Closing Gong ceremony to commemorate the first dual Capital Markets Day between Lagos and London on Thursday, 29 July 2021. The event marks an important milestone for Seplat marking its name change from Seplat Petroleum Development Company to Seplat Energy.

Speaking at the event, the Chief Executive Officer, NGX, Mr. Temi Popoola, CFA, commented: “We are delighted to host the Management Team of Seplat Energy led by the Chief Executive Officer, Mr. Roger Thompson Brown. Over the last decade, Seplat has established itself as a leading independent Nigerian energy company completing the first-ever dual listing on the Premium Board of NGX and Main Market of the London Stock Exchange (LSE), an arrangement facilitated by the capital markets agreement between NGX and LSE. In 2014, Seplat raised tier one capital via the Initial Public Offering of US$535Mn, ranking as the largest ever capital raise for a Nigerian company since 2008, and the second-largest ever for a Nigerian company. Certainly, NGX is proud to have been a trusted business partner to Seplat Energy over the years, and we assure its leadership of our support in achieving its strategic objectives.”

On his part, Mr. Brown stated, “This is indeed an exciting day for us and we are delighted to be speaking from the stage of the LSE. Given the delightful partnership we have with NGX beginning in the early days of getting ready for listing, and what was noteworthy was the way NGX linked up with LSE to permit the first-ever dual listed company with full fungibility of trading between Lagos and London. This collaboration has gone from strength to strength and it is therefore fitting that NGX opens this Capital Market Day. For us at Seplat, we see the critical need for energy transitions in Nigeria and we are here as the indigenous, independent energy with proud roots in Nigeria and the global reach that allows us to access the capital to fund these transitions.”

Following remarks from the Doyen of the capital market, Alhaji Rasheed Yusuff, Mr. Brown sounded the virtual closing gong to the applause of NGX and Seplat Executives, as well as capital market stakeholders officially kicking off its Capital Markets Day.

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

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Capital Market

Africa Finance Corporation Returns to Global Debt Capital Markets with Oversubscribed Five-Year US$500m Eurobond

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Africa Finance Corporation (AFC), the continent’s leading infrastructure solutions provider, today announced an outstanding return to the global debt capital markets, successfully issuing a US$500 million 144A/Reg S Eurobond.

The benchmark five-year Note, issued at par with a coupon of 5.55%, had a negative concession with pricing inside the Corporation’s outstanding yield curve, resulting in the tightest T-spread ever achieved by AFC on a 5-year US dollar benchmark and enabling AFC to broadly reset its yield curve in the secondary market.

The issuance generated significant interest across Europe, Asia, United States, and the Middle East, resulting in a peak book that was over two and a half times oversubscribed.

“After about three years of absence from the Eurobond market, we are proud of the overwhelmingly positive reception for this bond issuance, which underscores the global capital market’s continued confidence in AFC’s credit story, our holistic investor engagement strategy and support for our mandate to develop and finance infrastructure projects that will enable Africa’s sustainable industrialization and prosperity,” said Samaila Zubairu, President & CEO of AFC. “The significant oversubscription and success of this bond issue is an endorsement of our impressive financial performance, business strategy, conservative financial policies and our impact in leading transformative change in Africa.”

With an order book exceeding US$1.2 billion, the bond drew high-quality investors seeking exposure to investment-grade issuers like AFC.

The Corporation’s consistent A3 credit rating, upheld since 2014 and recently reaffirmed by Moody’s, with a rating outlook change from Negative to Stable, further boosted the bond’s appeal among institutional investors.

The breakdown of the order book reflected AFC’s very strong capital market access, with final allocation of Europe: 57%; North America: 23%; Middle East: 15%; and Asia: 5%.

The Eurobond was issued under AFC’s $5 billion Global Medium-Term Note (GMTN) programme. The proceeds from the bond, listed on the Euronext Dublin and the London Stock Exchange, will support AFC’s mission to drive rapid industrialisation and accelerate development impact across Africa.

Banji Fehintola, Executive Board Member and Head of Financial Services, commented: “The success of this bond signals more than just strong market access for AFC; it represents a gateway for other African issuers to follow suit. Despite market volatility, our ability to secure this level of demand affirms the resilience of AFC’s credit profile and opens new doors for Africa’s infrastructure financing.”

The issuance was coordinated by a consortium of global financial institutions, including BofA Securities, Citigroup, First Abu Dhabi Bank, and Goldman Sachs International as Global Coordinators and Joint Bookrunners, alongside Rand Merchant Bank and SMBC Nikko as Joint Bookrunners.

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Ecobank Set to Raise Capital with US Dollar-Denominated Senior Unsecured Notes Offering

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Ecobank - Investors King

Ecobank Transnational Incorporated, a leading pan-African banking group with presence in 35 African countries has announced plans to raise funds through issuance of 5-year US dollar-denominated senior unsecured notes.

In the regulatory filing obtained by Investors King, Ecobank said it has mandated Absa, Africa Finance Corporation, African Export-Import Bank, Mashreq and Standard Chartered Bank as Joint Lead Managers and Joint Bookrunners.

The group also appointed Renaissance Capital Africa as Financial Adviser to organise a Global Investor Call as well as a series of fixed investor calls and meetings commencing on Monday 30 September 2024.

According to the lender, this will be followed by a 144A/RegS US$-denominated benchmark 5-year senior unsecured notes offering.

The notes are expected to be rated B- by S&P and B3 by Moody’s, said Ecobank.

Ecobank Transnational Inc. is a leading independent regional banking group in West Africa and Central Africa, serving wholesale and retail customers.

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Fixed Income Market Turnover Sees 30.47% Decline Despite Bond Activity

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Bonds- Investors King

In June 2024, the FMDQ Securities Exchange reported a 30.47% decline in the fixed-income market turnover from the previous month.

Despite this downturn, bond trading showed resilience, particularly in the Other Bonds category, which saw a 60.51% increase.

The overall turnover for fixed income products, including FGN Bonds and T-Bills, fell to N7.72 trillion.

This decrease was attributed to lower trading volumes across all major categories, although bond activity remained a bright spot.

Trading intensity for FGN Bonds and T-Bills slightly decreased, reflecting reduced investor activity.

However, T-Bills with maturities between six months and a year, alongside FGN Bonds with terms between five and ten years, were the most traded, accounting for a significant portion of the market turnover.

The sovereign yield curve continued its inversion trend, with real yields staying negative due to inflation outpacing policy interest rates.

The money market also experienced a decline, with turnover dropping by 34.50% to N8.22 trillion. Repos and unsecured transactions were primarily responsible for this decrease.

Conversely, the FX derivatives market saw growth, rising by 43.20% due to increased FX swap activities, despite a downturn in FX forwards.

These fluctuations highlight the ongoing challenges in Nigeria’s financial markets, with inflation and currency depreciation posing significant hurdles.

The decline in turnover suggests cautious investor sentiment amidst an uncertain economic landscape.

Despite these challenges, certain segments like bond trading and FX derivatives continue to show potential, offering avenues for strategic investment and market stability.

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