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International Finance Corporation To List $50 million Naija Bonds On NSE

By on January 24, 2013

The International Finance Corporation has announced innovative plans to launch $50 million/N8 billion worth of bonds and list them on the Nigerian Stock Exchange (NSE).

The initiative was announced by the  Vice President and Treasurer, IFC, Mr. Jingdong Hua who described it as the first Naira bond to be issued by the IFC and the first of its kind in emerging markets.

The bond which has a five year tenor is a collaborative effort of the  Central Bank of Nigeria, the Ministry of Finance and other regulatory agencies.

He said the IFC chose the name “Naija” bond in order to represent the Nigeria spirit of hardwork and patriotism.

He said: “The IFC Naija bond will be a milestone achievement as we continue to work with governments and local authorities to strengthen domestic capital markets in the region.”

The IFC Naija bond is targeted at investors such as pension funds, insurers, asset managers, and banks seeking high quality assets and portfolio diversification.