By Peter Egwuatu

Nigerian Exchange Limited NGX) has listed the second tranche of the Lagos Free Zone N25 billion series 2 bonds, the first 20-year corporate infrastructure bond in Nigeria.

The Exchange also hosted a Closing Gong ceremony to commemorate the listing of LFZ’s N25 billion 20-year, 13.25 per cent Series 2 Senior Guaranteed Fixed Rate Infrastructure Bond.

LFZ is the infrastructure development company of the Tolaram Group and the first private free trade Zone in Nigeria. It was established to provide organizations access to the full potential of the West African market by offering access to top-tier facilities and services that enable ease of doing business.

It will be recalled that the Company on August 08, 2022, through LFZC Funding SPV Plc’s listed its first issuance of N25 billion, 20-Year 13.25 er cent Series 2 Senior Guaranteed Fixed Rate Infrastructure Bonds Due 2042 Under the N50 Billion Bond Issuance Program.

Speaking at the listing of second tranche, Divisional Head, Capital Markets, NGX, Mr. Jude Chiemeka, applauded the company on the milestone transaction, which is a testament to the capacity of the Nigerian debt market as a veritable source of domestic capital for infrastructural developments in Nigeria.

The CEO of LFZC, Mr. Dinesh Rathi, stated: “This bond is a part of N50 billion bond programme, which we had initiated last year and this current listing entails the series two of N25 billion long term bonds, a 20 year fixed rate instrument and the longest tenure bond in Nigeria’s debt capital market.”

He noted that the bond recorded 1.7 times over subscription as this clearly reflects the appetite for a long term note paper within the Nigerian debt capital market.