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Nigeria’s Edo State to raise N25 bln in 5-year bond to fund capex

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Nigeria’s Edo State plans to borrow N25 billion through the issuance of 5-year bonds on the domestic debt market, according to one of the financial advisors to the offer.

The state would raise the fund through River Jamieson SPV Limited under its ₦25 billion Bond Issuance Programme.

The bond issuance would be guaranteed by an Irrevocable Standing Payment Order (ISPO) on the Edo State’s revenue issued by the State’s Ministry of Finance, FSDH wrote in a note to clients on Friday.

The issue has been assigned a rating of A- by DataPro, while the Sponsor has been accorded with A- rating by DataPro and BBB- by Agusto.

Proceeds from the issuance would be used to finance identified infrastructural projects, but details of such projects remain scanty and not disclosed.

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