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The London bourse begins trading of Nigerian sovereign bond
The debut issuing of the diaspora bond was over-subscribed by 30%, and was targeted at retail investors.
London Stock Exchange is the second most capitalised exchange in the world.
The London bourse in an email statement released on Thursday, 29 June 2017 stated it has finally accepted into the capital market while noting that the proceeds from the five-year bond would be directed to infrastructure financing.
It would be recalled that the Debt Management Office (DMO) disclosed that the debut diaspora bond issued received an overwhelming acceptance from Nigerians living abroad, as it was over-subscribed by 30%.
The bond, which is the first from an African country that has registered with the United Kingdom Listing Authority and the United States Securities and Exchange Commission, had received high interest from the targeted investor group, retail investors.
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Ibukun Adebayo, Head of Middle East, Africa and South Asia, International Markets Unit of the LSE also said the successful listing reinforced the LSE’s position as a strong partner for Nigeria and as a leading global venue for raising debt finance.
The Federal Government muted the idea of raising capital from its Nationals living abroad in 2013. The bond was issued earlier this month, and was subscribed by 130 percent of its issuing value.
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