By Dipo Olowookere
An approval has been given to the Lagos State government to list its N6.911 billion Series 2 Tranche III: 15.60 percent Fixed Rate Bond Due 2024 and Series 2 Tranche IV: 15.85 percent Fixed Rate Bond Due 2027 on the Nigerian Stock Exchange (NSE).
According to data obtained by Business Post from the local stock exchange, the approval was given to the state government for the listing on Wednesday, August 8, 2018.
The bonds are under the Lagos State government’s N500 billion Debt Issuance Programme.
Business Post gathered that the stockbroker for the exercise is Chapel Hill Denham Securities Limited, while Chapel Hill Advisory Partners Limited is the issuing house and financial adviser.
It was learnt that proceed from the bonds would be to execute some priority projects across the metropolis.
Some of the projects include the Pen-Cinema Agege Fly-over, Channelization of Water Transport Routes; Construction of Terminals; Construction and completion of Freedom Road and Admiralty Way; Construction of Road Networks in Epe and Lekki axis amongst others.
According to the Lagos State government, “The Aggregate Principal Amount and any coupon (accrued up to and unpaid (if any)) shall be amortised over the life of the Series I Bonds commencing after the third anniversary of issuance of the Series I Bonds in accordance with Schedule 4 hereof.”
more recommended stories
Facebook NG_Hub Trains 50,800 SMBs in Digital Skills
By Modupe Gbadeyanka Not less than.
Asian Equities Finish Mute Despite Reprieve for Huawei
By Investors Hub Asian stocks ended.
European Shares Close Mixed as Investors Await Fed Outcome
By Investors Hub European stocks are.
Lingering Trade Worries to Stretch Wall Street Volatility
By Investors Hub The major U.S..
CBN to Control Banks’ Investment in Treasury Bills, Bonds
Modupe Gbadeyanka The Central Bank of.
Nigeria to Issue Second 30-year Naira Bond Today
By Dipo Olowookere The Debt Management.
NSE Index Gains 2.88% to Slice Year-to-Date Loss to 3.86%
By Dipo Olowookere The local equity.
30-Day T-Bills Yields Shrinks to 9.94%
By Dipo Olowookere The continued absence.