Friday, April 18, 2014

SEC approves IFC’s N100bn bond for development

Published:

SEC will raise local denominated bonds worth N100 billion

The Securities and Exchange Commission, SEC, has approved the plan by the International Finance Corporation, IFC, to raise local denominated bonds worth N100 billion.

SEC’s Director of Securities and Investment Services, Mary Uduk, announced this on Thursday in Abuja on the sidelines of SEC’s Journalists’ Academy 2012.

She said the bond is for private sector development and IFC had started the process of `book building’ to determine the tenor and issuing rate for the paper.

Book building is the process of determining tenor, rates and absorbing capacity of the stock market.

“The proceeds would be used to support private sector activities, onward lending to local banks and promote capital market development,” Mr. Uduk said.

The Nigerian bond market has continued to attract foreign investors since the inclusion of its bond in the JP Morgan Index in October.

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