Nigeria: United Capital Leads $900m FGN Domestic Dollar Bond Issuance

24 September 2024
Daily Trust (Abuja)
By Peter Moses

United Capital Group, a leading financial services group, acted as the Lead Issuing House and Coordinator for the successful issuance of the FGN Domestic Dollar Bond, Nigeria's first ever domestic US dollar-denominated bond.

The transaction generated unprecedented domestic demand, raising over US$900 million, to achieve over 180% subscription levels.

This first issuance under the Domestic FGN US Dollar Bond programme offers a 9.75% yield and attracted significant demand from a diverse group of investors, including Nigerians and non-Nigerians residing in Nigeria, Nigerians in Diaspora, and institutional investors.

Commenting on the success of the issuance, Managing Director, Investment Banking at United Capital Group, Dr. Gbadebo Adenrele, said, "The successful issuance of the Domestic FGN US Dollar bond is a testament to investor confidence in the country's economic growth trajectory and our innovative approach to finance".

The Group CEO, United Capital Group, Peter Ashade, emphasised United Capital's commitment to developing Africa's capital markets.

Read the original article on Daily Trust.

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