News hotlines: 08111813019, 08025868561
Email: email@example.com, firstname.lastname@example.org
Fidelity Bank Plc has disclosed that it has successfully issued 10-year N41.21bn in fixed rate unsecured subordinated bond at a 8.5 per cent coupon rate due in 2031. It disclosed this in a statement titled ‘Fidelity Bank Plc successfully issued the largest ticket Tier II local bonds in Nigeria’.
The bank observed further that, “The bond issuance, which was fully subscribed, given that total investor interest and commitments in the bonds were N56.6bn, adds to the impressive portfolio of landmark transactions structured by the bank, and underscores its capacity to successfully execute debt capital market transactions. ‘The transaction is a landmark achievement in the Nigerian domestic debt market for being the largest corporate bonds ever issued by a Nigerian Bank including the deposit money banks and merchant banks etc.” It stated that in December, the bank had announced plans to issue fixed income securities with 10-year tenor to support the growth and development of Small and Medium Enterprises, retail business as well as its technology infrastructure. The bank conducted the debt issuance under its registered N100bn bond issuance programme. It stated that the bonds were unsecured and subordinated, which would qualify as Tier II Capital in line with the Central Bank of Nigeria guidance notes on regulatory capital for commercial banks in Nigeria.
Business Hilights is an online news channel conceptualized and structured to report and track on a daily basis; latest developments in critical business sectors to serve as a one stop news gateway for governments, foreign and indigenous investors.