IFC $50m Bond “Naija Bond” will be listed on NSE February 2013

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IFC’s Vice President, Treasury and Information Technology, Jingdon Hua
The IFC ‘Naija bond’ will be listed on the floor of the Nigeria Stock Exchange NSE in February 2013 to enable retail investor to benefit from it.
Jingdon Hua, a Chinese national, is IFC’s Vice President, Treasury and Information Technology. He provides leadership to Treasury, Syndicated Loans and Management, and Corporate Business Technologies.
Hua, while addressing journalists at boardroom of NSE yesterday after the $50 million first naira bond tagged ‘Naija Bond’ was admitted into the daily official list, said the bond would be a milestone achievement as IFC continues to work with governments and local authorities to strengthen domestic capital markets in the African continent.
International Finance Corporation (IFC), a member of the World Bank Group has issued a $50 million naira bond to support the Nigeria’s domestic capital market and increase access to local currency finance in Nigeria.
He stated that the bond would be used to support its development projects in Nigeria, noting that the size and tenor of the bond would depend on the needs of its Nigerian clients and investor demand
Hua further said Nigeria’s capital market received a fillip last year when the country was admitted to JP Morgan’s emerging market Government Bond Index, adding that with ‘Naija Bond’ the thinly traded corporate debt market stands to benefit.
The IFC ‘Naija bond’ is targeted at investors such as pension funds, insurers, asset managers, and banks who seek to diversify their portfolio while investing in high-quality assets. IFC bonds are rated triple-A by Moody’s Investors Service and Standard & Poor’s. Proceeds from the bond will be used to support IFC’s private sector development programme.
In the same vein, IFC Country Manager for Nigeria, Solomon Adegbie-Quaynor, said “The IFC Naija bond will support the government’s efforts to deepen domestic capital markets in Nigeria.
It will help pave the way for other issuers in the domestic market and makes available funds that can be put to work in the local economy.”
Adegbie-Quaynor revealed that IFC’s committed portfolio in Nigeria stands at $1.1 billion, the largest country portfolio in Africa and the eighth-largest globally.
Similarly, in May 2012, IFC launched its Pan-African Domestic Medium-Term Note Programme, that targeted on Botswana, Ghana, Kenya, Namibia, Rwanda, South Africa, Uganda, and Zambia.


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