The private sector of the World Bank; the International Finance Corporation (IFC), has issued N12 billion worth of its debut Nigeria local currency bond with a yield of 10.2 per cent.
Total subscription for the five-year IFC paper was around N20 billion, meaning a 2.5 times over-subscription from the initial N8 billion equivalent it had initially planned to raise.
Vice-President and Treasurer at the IFC, Jingdon Hua, said the “Naija” bonds maturing in February 2018 were sold with a 10.2 per cent coupon.
Nigeria’s bond yields have dropped since JP Morgan Chase & Co., the world’s biggest underwriter of emerging-market debt, said in August it would add the country’s securities to its benchmark index in October last year.
Barclays PLC will also add Nigeria to its local-currency government bond index in March.