Lagos State has issued N47 billion Series 1 Bond maturing in December, 2023 under its N500 billion Third Debt Issuance Programme.
Speaking during the signing ceremony held at the Lagos House, Ikeja,on Friday, the State Governor, Akinwunmi Ambode explained that the programme was targeted at improving the physical and social infrastructure base of the state.
He said: “The book keeping was concluded on December 23 with the first issuance priced at 16.5 per cent.
“Despite the continued challenges in the economy and difficult market conditions which have seen the last three Federal Government Bond auctions undersubscribed by an average 32 per cent, the state has sold some 80 per cent of the bonds it offered at a 57bps spread to the sovereign,” Ambode said.
The Governor expressed appreciation for the confidence investors had reposed in the state government, adding that it was an eloquent testimony of the state government’s credit worthiness.
He added: “We are truly humbled by the confidence investors have once again demonstrated in the Lagos State credit story.
