The Lagos State Government on Friday announced the closing of its N47billion 16.5 per cent 2023 Series 1 Bond Issuance under the N500billion Third Debt Issuance Programme targeted at improving the physical and social infrastructure base of the State.

At the signing ceremony held at the Lagos House, Ikeja, the State Government issued N47billion Series 1 Bond maturing in December 2023, under its N500billion Third Debt Issuance Programme.

The Book Keeping was concluded on Friday, December 23, 2016 with the first issuance priced at 16.5 per cent.

State Governor, Mr. Akinwunmi Ambode in his remarks at the signing ceremony, said that 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, Lagos State sold some 80 percent of the bonds it offered at a 57bps spread to the sovereign.

He expressed appreciation for the confidence investors have reposed in the State Government, saying that it was an eloquent testimony of the government’s credit worthiness.

He said, “We are truly humbled by the confidence investors have once again demonstrated in the Lagos State credit story. The Lagos State Government remains committed to improving the physical and social infrastructure base of the State and is proud of its reputation as a most responsible issuer in the Nigerian capital markets”.

The Governor also acknowledged the support received in the issuance process from the Minister of Finance, Mrs. Kemi Adeosun, as well as the Attorney General of the Federation and Minister for Justice, Mr. Abubakar Mallami and their teams, the Security and Exchange Commission, the Federal Debt Management Office and the State’s advisers.

On his part, Chief Executive Officer, Chapel Hill Denham, Financial Advisers and Lead Book Runners, Mr. Bolaji Balogun said Lagos State was leading from the front in the issuance of Bond despite the prevailing market dynamics.

“We are deeply honoured to work with the Lagos State Government, which has again affirmed its peerless credit reputation in tricky market conditions right at the end of the year to issue the only bond by a State in Nigeria, in 2016 and I thank all of our colleagues in the issuing party for working with us to deliver a successful outcome,” Balogun said.

t would be recalled that the Lagos State Government had registered a N500billion Third Debt Issuance Programme and has a credit rating of A+ by Global Credit Ratings Co. and Agusto & Co



http://akinwunmiambode.com/lagos-issuing-houses-seal-deal-on-n47bn-bond/

Nigerians and 8 zeros are like bubu and plane,after the figures of 8 zeros no tangible outcome,am convinced we are under a spare but is non of my business,

Let forget about the government for now and thank God for our life's 365 days no be bobo,

We mourn our dear once but nobody mourn us
My brothers in the north
Despite the affliction of boko Haram
You guys are still alive here in nairaland
To promote religious and political bigotry

To the brown zinc clan/region
Chase beaters
Nairaland is boring without you guys
Because na name check una pass

I thank God for your life's

To the hustlers clan
China of Africa
More magas to your laptop
Specialists on drug related issues

More life's to your life span

Nice one

What is the face value?

Noted

f

Kudos to Ambode

Counting down to MMM

lyterydim:
Nigerians and 8 zeros are like bubu and plane,after the figures of 8 zeros no tangible outcome,am convinced we are under a spare but is non of my business,

Let forget about the government for now and thank God for our life's 365 days no be bobo,

We mourn our dear once but nobody mourn us
My brothers in the north
Despite the affliction of boko Haram
You guys are still alive here in nairaland
To promote religious and political bigotry

To the brown zinc clan/region
Chase beaters
Nairaland is boring without you guys
Because na name check una pass

I thank God for your life's

To the hustlers clan
China of Africa
More magas to your laptop
Specialists on drug related issues

More life's to your life span

I pray your region doesn't have brown roofs

Please shut your filthy mouth if it does

I'm beginning to have the impression that this governor is a fvcking smart ass and not just a poser.

lyterydim:
Nigerians and 8 zeros are like bubu and plane,after the figures of 8 zeros no tangible outcome,am convinced we are under a spare but is non of my business,

Let forget about the government for now and thank God for our life's 365 days no be bobo,

We mourn our dear once but nobody mourn us
My brothers in the north
Despite the affliction of boko Haram
You guys are still alive here in nairaland
To promote religious and political bigotry

To the brown zinc clan/region
Chase beaters
Nairaland is boring without you guys
Because na name check una pass

I thank God for your life's

To the hustlers clan
China of Africa
More magas to your laptop
Specialists on drug related issues

More life's to your life span

And datz how you wake up early morning to disgrace your whole generation with a click of a button..

Ambode dey Werk






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Please someone should break down these things on just posted, I no understand am at all

I don't understand this bond thingy, how does it affect our lives in lagos? Is it an investment that private individuals can profit from o just some govt charade.... we need more explanations please

Any economist in the house, should educate us on this!

Visit your bank for more info. It is for the people. The government sells bonds to the people for interest.

jossy26:
I don't understand this bond thingy, how does it affect our lives in lagos? Is it an investment that private individuals can profit from o just some govt charade.... we need more explanations please

Despite all the big IGR raised monthly?
Anyway Tinubu must chop since nothing for him at Abuja level.
Meanwhile ordinary tap water Lagosians don't have.

TheEminentLaity:
Visit your bank for more info. It is for the people. The government sells bonds to the people for interest.

Thanks for your response, can you shed mor light? What do I gain by buying lagos bonds

I think on the original post 16.5% p.a. interest was mentioned. ie. If you buy N10m worth after a year, you'll arrive at N1.65m profit. Payouts could be quarterly. Your bank would give you specialist and more accurate information.

jossy26:


Thanks for your response, can you shed mor light? What do I gain by buying lagos bonds

jossy26:
I don't understand this bond thingy, how does it affect our lives in lagos? Is it an investment that private individuals can profit from o just some govt charade.... we need more explanations please

Bond is a debt instrument used by institutions to raise money from other institutions and private individuals. So instead of going to a bank, looking the the volume of transactions, banks will find it too risky to lend that huge volume to a single obligor.
So in plane language, Ambode just borrowed 47 billion naira from the local populace, it's now up to you and I to watch and see if real value in terms of infrastructure Assets creation will be delivered to Lagosians.

And Yes! You can profit from it whether Ambode delivers the infrastructure or not. At 16.5% interest rate, it's one of the highest investment yield in the country with little or no risk right now.
Apart from MMM at 30% (volatile risk) and TBILLS at 17%, no other investment comes close in terms of Returns.

TheEminentLaity:
I think on the original post 16.5% p.a. interest was mentioned. ie. If you buy N10m worth after a year, you'll arrive at N1.65m profit. Payouts could be quarterly. Your bank would give you specialist and more accurate information.

1.65m without tax?

jossy26:


1.65m without tax?

Thats considered income, you will pay tax.