United Capital Group has acted as the Lead Issuing House and Coordinator for the successful issuance of the FGN Domestic Dollar Bond, Nigeria’s first ever domestic US dollar-denominated bond.
The transaction generated unprecedented domestic demand, raising over $900 million, to achieve over 180 per cent subscription levels, emphasizing United Capital’s placing power in the capital markets and strong investor confidence in Nigeria’s economic stability and growth potential.
This first issuance under the Domestic FGN US Dollar Bond program offers a 9.75 per cent yield and attracted significant demand from a diverse group of investors, including Nigerians and non-Nigerians residing in Nigeria, Nigerians in Diaspora, and institutional investors.
The bond will be listed on the Nigerian Exchange Limited (NGX) and FMDQ Securities Exchange Limited (FMDQ Exchange).
The proceeds from the bond will be deployed to critical sectors of the economy, as part of ongoing efforts to sustain growth and address key infrastructure gaps.
Commenting on the success of the issuance, Managing Director, Investment Banking at United Capital Group, Dr. Gbadebo Adenrele
said “This is a landmark moment for Nigeria’s capital market. As a pioneer in this class of transactions, United Capital has laid the foundation for more such significant capital raises by the Nigerian Government, other African sovereigns and major corporate issuers. The successful issuance of the Domestic FGN US Dollar bond is a testament to investor confidence in the country’s economic growth trajectory and our innovative approach to finance”.
The Group Chief Executive Officer, United Capital Group, Peter Ashade, emphasized United Capital’s commitment to developing Africa’s capital markets.
“The successful issuance of Nigeria’s inaugural Domestic FGN US Dollar bond is a significant milestone for both the country and United Capital. This transaction aligns perfectly with our vision of transforming the African financial landscape. By providing access to innovative investment opportunities, we are empowering investors and contributing to Nigeria’s economic growth”.
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