Lagos Closes N85.14bn Bond Issuance
Lagos State Government on Monday announced the closure of the N85.14 billion Series 2 Bond Issuance targeted at physical and social infrastructure development.
The Commissioner for Finance, Akinyemi Ashade, said in a statement that the bond was issued in two tranches.
Ashade said tranche 1 would be N46.37 billion at 16.75 percent, adding that tranche 2 worth N38.77 billion at 17.25 percent.
According to him, the bonds are to mature in August 2024 and same month in 2027 respectively, under the N500 billion ‘Third Debt Issuance Programme’.
Ashade recalled that the government had on Friday, Aug. 11, issued an N85.14 billion Series 2 Bond in two tranches with a 7-year N46, 37 billion bond at 16.75 percent bond, maturing in August 2024.
The commissioner said both were also under the N500 billion Third Debt Issuance Programme by way of a book building.
According to him, the N85.14 billion Series II issuance was the largest bond issuance in Nigerian capital markets in the last four years and the second largest issuance ever.
