By  MICHAEL EBOH

Four States – Osun, Lagos, Gombe and Rivers states  are set to raise N507 billion from the Nigerian bond market.

According to the Nigerian Stock Exchange’s, NSE, X-Compliance Report, the four state governments have filed their application for quotation on the bond segment of the capital market with the NSE’s Listing Regulation department.

The NSE said the applications are at various stages of approval — Gombe State’s bond has gotten an Approval-in-Principle, while the remaining three are in the book building process.

Osun State Government is seeking to raise N60 billion through an offer for subscription; Lagos State plans to raise N167 billion, with an initial offer for subscription of N80 billion due 2019 at N1,000 per unit.

Gombe State Government is raising N30 billion, with an initial offer for subscription of N20 billion at N1000 per unit and due 2018.

Rivers State Government is to raise N250 billion and it is presently offering for subscription N100 billion at N1000 per unit, due 2017.

Also C&I Leasing Nigeria Plc is to raise N10 billion from the bond market, with the initial issuance of a N8 billion Fixed Rate five year bond.

The NSE also disclosed that it has received an application from the International Finance Corporation, IFC, for the offer for subscription of fixed rate senior unsecured notes. Both the IFC and C&I Leasing’s bond programmes are in the book building process.

Also, the market capitalization of the NSE is set to be buoyed by about N9.789 billion with the Listing by Introduction of Spring Mortgage Plc. The NSE said it has received the application of the company to list 4.894 billion ordinary shares at N2 per share.

Activity is expected to return to the primary segment of the capital market as the NSE said it has given approval to UACN Property Development Company Plc Real Estate Investment Trust (REIT) to raise N30 billion through an initial public offering of three billion units of N10 each at par.

The NSE also disclosed that it has received the applications for the conduct of initial public offerings of 15 million units of N100 each at par for the FBN Money Market Fund and 1.5 million units of N1000 each at par in the FBN fixed income fund.

Prestige Assurance Plc has submitted an application to raise N1.254 billion from the capital market through a rights issue of 2.508 billion ordinary shares of 50 kobo each at 50 kobo per share, while Oando also applied to N36.386 billion from the market through a rights issue of N3.032 billion ordinary shares of 50 kobo each at N12 per share, on the basis of four new shares for every three ordinary shares held by its shareholders.

The NSE will also witnessed the listing of another Exchange Traded Fund, as it said it has received an application for the listing of 100 million units of VNSE 30 Index securities.