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How Dangote, MTN, Others Raised N683bn From Bond Market

Bonds issued on the Nigerian Exchange Ltd have risen to N683.2bn as Nigerian companies embrace the fixed income market which offered favourable rates.

Companies and state governments have raised debts worth billions of naira as average yield is around 11.33 per cent.

Some of the companies driving the volume of bonds issued are Dangote Cement Plc with N300bn, while MTN Nigeria and BUA Cement Plc raised N100bn and N115bn respectively.

These blue chips firms issued over 60 per cent of the total bond raised on the NGX Ltd

Fidelity Bank Plc raised N41.213bn; Flour Mills of Nigeria Plc raised N29.8bn; Nova Merchant Bank raised N10bn and Emzor Pharmaceuticals raised N13.7bn.

Other listed companies are Mecure Industries which raised N3bn, CardinalStone Financing SPV Plc N5bn, C & I Leasing Plc listed N10bn, CERPAC N15bn and Coronation Merchant Bank N30bn.

The Lagos Free Zone Company issued N10.5bn 20-Year Series 1 Senior Guaranteed Fixed Rate Corporate Infrastructure Bond.

In 2020 corporates raised a total of N192bn from the bond market as investors sought higher returns in alternative asset classes.

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