Aduragbemi Omiyale
By Aduragbemi Omiyale
The Executive Principal in charge of Debt Capital Markets at Standard Chartered, Ms Amaka Nsofor, has said the company will continue to leverage its position to drive capital market development in Africa.
Ms Nsofor said this while reacting to the role played by the organisation in the N187.6 billion series 1 bond issuance by Dangote Industries recently.
Standard Chartered was the lead issue house of the exercise, which was well received by the market and recorded participation from a wide range of investors including domestic pension funds, asset managers, insurance companies and high net-worth investors.
The conglomerate sold the papers to fund the Dangote Petroleum Refinery in Lekki, Lagos. The oil facility is the largest single train petroleum refinery in the world and is expected to commence operations in the first half of 2023.
Dangote approached the market for a 7-year 12.75 per cent Tranche-A and a 10-year 13.50 per cent Tranche-B senior unsecured bond under its newly established N300 billion debt issuance programme.
“We are very pleased with this remarkable feat. Standard Chartered continues to be a leading debt capital markets house both in the domestic and international markets.
“In line with our mandate, we will continue to work with our clients across Africa to deliver on their growth aspirations and use our market leading position in the capital market to drive development on the continent,” Ms Nsofor stated.
Also speaking, the Executive Director in charge of Corporate, Commercial and Institutional Banking, Nigeria & West Africa, at Standard Chartered, Mr Olukorede Adenowo, expressed the delight of the firm to be part of the “historic transaction which marks the largest corporate bond ever issued in the Nigerian capital markets, reflecting the strong credit quality of the issuer as well as the resilience of the Nigerian domestic markets, despite the current global market volatility.”
