Economy

Access Bank lists N15bn Green Bond on FMDQ, NSE platforms

Written by Maritime First

…As DMO says FG offering 2, 3 year savings bonds at 11.27%, 12.27% for April***

The Access Bank Plc on Monday listed the N15 billion a fully certified Green Bond on the FMDQ OTC Securities Exchange and the Nigerian Stock Exchange (NSE).

The dual listing followed the formal approval of the bond by the Securities and Exchange
Commission.

Meanwhile, the Debt Management Office (DMO) indicated Monday, that the Federal Government has offered for subscription, two-year savings bond at 11.27 per cent and three-year savings bond at 12.27 per cent per annum.

In the offer circular posted on the DMO’s website, the two-year bond will be due in April 2021, while the three-year bond will be due in April 2022.

It however did not state how much was offered, but added that the maximum subscription was N50 million at N1,000 per unit, subject to minimum subscription of N5,000 and in multiples of N1,000.

The website said that the bond was fully backed by the full faith and credit of the Federal Government, with quarterly coupon payments to bondholders.

The savings bond issuance is expected to help finance the nation’s budget deficit.

It is also part of the Federal Government’s programme targeted at the lower income earners to encourage savings and also earn more income (interest), compared to their savings accounts with banks.

The circular also said that the offer would close on Friday. 

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Maritime First